Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual and accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: City of Grosse Pointe Park has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of City of Grosse Pointe Park under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of City of Grosse Pointe Park, it is not intended to and does not present the financial position, changes in net position, or cash flows of City of Grosse Pointe Park.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual and accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: City of Grosse Pointe Park has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified accrual and accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
City of Grosse Pointe Park has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Reconciliation to the Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual and accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: City of Grosse Pointe Park has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Certain grants that were awarded as a result of a FEMA disaster require recipients to recognize the federal expenditure when the funds are obligated. Therefore, only $136,617 of the current year expenditures related to assistance listing number 97.036 recognized in Schedule of Expenditures of Federal Awards is recognized as revenue in the General Fund financial statements.
Following is a reconciliation of the expenditures reported in the schedule of expenditures of federal awards to the revenue recognized in the City’s financial statements. See Notes to the SEFA for table.