Notes to SEFA
Title: Reporting Entity:
Accounting Policies: This accompanying schedule has been prepared on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2023.
The accompanying schedule of expenditures of federal awards (schedule) presents all activity or expenditure or all federal award programs of the City of West Wendover, Nevada (City) for the year ended June 30, 2023. The City's reporting entity is defined in note 1 of the basic financial statements. All expenditure of federal awards received directly from federal agencies as well as federal awards passed through other government
agencies are included in the schedule.
Title: Basis of Accounting:
Accounting Policies: This accompanying schedule has been prepared on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2023.
This accompanying schedule has been prepared on the modified accrual basis of accounting. 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).
Title: Relationship to the Basic Financial Statements:
Accounting Policies: This accompanying schedule has been prepared on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2023.
Expenditures of federal awards have been reported in the following funds.
Title: Indirect Cost Rate:
Accounting Policies: This accompanying schedule has been prepared on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2023.
The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2023.
Title: Federal Loans and Loan Guarantee Programs Outstanding:
Accounting Policies: This accompanying schedule has been prepared on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2023.
The City is planning to receive funding in a future fiscal year from the United States Department of Agriculture under CFDA #10.766 Community and Facilities Loans and Grants program. In fiscal year
2022, the City issued Consolidated Tax Revenue Interim Debenture Series 2022 (West Wendover Fire Station Project) to begin the federally funded project and received loan proceeds of $855,253. The City
received additional loan proceeds for $160,445 in fiscal year 2023. The total loan balance as of June 30, 2023 was $1,015,698. This interim debenture will be replaced with a USDA loan in the future.
The City is planning to receive funding in a future fiscal year from the United States Department of Agriculture under CFDA #10.766 Community and Facilities Loans and Grants program. In fiscal year 2023, the City issued Consolidated Tax Revenue Interim Debenture Series 2022 (Downtown Development Phase 1 Project) to begin the federally funded project and received loan proceeds of $956,310. The total loan balance as of June 30, 2023 was $956,310. This interim debenture will be replaced with a USDA loan in the future.
Title: Subrecipients:
Accounting Policies: This accompanying schedule has been prepared on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2023.
The City did not have any subrecipients for the fiscal year 2023.