Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance, as the use of a single rate is not appropriate for the City's operations.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the City 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 the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Silverton.
Title: Note 2 - Significant Accounting Policies
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance, as the use of a single rate is not appropriate for the City's operations.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance, as the use of a single rate is not appropriate for the City's operations.
The City has not elected to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.