Notes to SEFA
Title: OVERSIGHT AGENCY
Accounting Policies: Accrual Basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The City of Bessemer did not negotiate a rate different from the 10% de minimis cost rate.
The U.S. Department of Agriculture is the current year's oversigh agency for the single audit as determined by the agency providing the largest share of the City's expenditures of federal awards.
Title: BASIS OF ACCOUNTING
Accounting Policies: Accrual Basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The City of Bessemer did not negotiate a rate different from the 10% de minimis cost rate.
Expenditures reported in the schedule are reported on the accrual basis of accounting.
Title: INDIRECT COSTS
Accounting Policies: Accrual Basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The City of Bessemer did not negotiate a rate different from the 10% de minimis cost rate.
The City of Bessemer has elected to use the 10 percent de minimis indirect cost rate to recover indirect costs as permitted by CFR Section 200.414 of the Uniform Guidance.
Title: FEDERAL AWARDS FINANCIAL STATEMENT RECONCILIATION
Accounting Policies: Accrual Basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The City of Bessemer did not negotiate a rate different from the 10% de minimis cost rate.
Includes detail of reconciliation of federal awards to financial statements.
Title: PASS-THROUGH GRANT MONIES
Accounting Policies: Accrual Basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The City of Bessemer did not negotiate a rate different from the 10% de minimis cost rate.
During the fiscal year ending June 30, 2023, the City did not pass through any awards to subrecipients.