Notes to SEFA
Accounting Policies: 1. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of Macomb, Illinois (City) and is presented on the 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).2. Significant Accounting Policies Revenue from federal awards is recognized when the City has incurred certain qualifying costs to establish its right to revenue. Accordingly, expenditures are recognized when the fund liability has been incurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.