Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting for expenses of Vernal City. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statments. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Vernal City has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.