Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the “SEFA”) includes the federal award activity of Carson City, Nevada (the “City”) under programs of the federal government for the year ended June 30, 2023. The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 22, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Because the SEFA 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 financial position, or cash flows of the City.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the SEFA are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis cost rate.
Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A 87, Cost Principles for Sate, Local and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts should on the SEFA represent adjustments tor credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: De Minimis Cost Rate
Accounting Policies: Expenditures reported on the SEFA are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis cost rate.
The City has not elected to use the 10% de minimis cost rate.