Notes to SEFA
Title: OVERSIGHT AGENCY
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts on the schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The City has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
The U.S. Department of Agriculture is the current years oversight agency for the single audit as determined by the agency providing the largest share of the Citys federal financial assistance.