Notes to SEFA
Accounting Policies: Expenditures in the accompanying Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. The accrual basis of accounting is described in Note 1 of the financial statements. Cost reimbursement federal loans and grants are considered to be earned to the extent of the expenditures made under the provisions of the grant. The format for the Schedule of Expenditures of Federal Awards has been prescribed by the Uniform Guidance. Such format includes revenue and expenditures recognized in the City's financial statements.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent de minimis indirect cost rate.