Notes to SEFA
Title: General
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement. The Successor Agency did not elect to use the 10% de minimis cost rate as covered in 2 CFR ?200.414 Indirect (F&A) costs.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all federal award programs of the Successor Agency to the Redevelopment Agency of the City and County of San Francisco (Successor Agency), a component unit of the City and County of San Francisco, California. The Successor Agencys reporting entity is defined in Note 1 of the Successor Agencys basic financial statements. Federal awards received directly from federal agencies are included on the Schedule. Because the Schedule presents only a selected portion of the operations of the Successor Agency, it is not intended to and does not, present the financial position of the Successor Agency. 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 Basic Financial Statements
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement. The Successor Agency did not elect to use the 10% de minimis cost rate as covered in 2 CFR ?200.414 Indirect (F&A) costs.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Amount reported in the Schedule agree to or can be reconciled with the amounts reported in the Successor Agencys basic financial statements.