Notes to SEFA
Accounting Policies: 1. General
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the
activity of all federal financial assistance programs of City of Ve1million, Kansas (the City).
The reporting City is defined in Note l(a) of the City basic financial statement. Federal
financial assistance received directly from federal agencies as well as federal financial
assistance passed through other government agencies are included on the Schedule.
2. Basis of Presentation
The accompanying Schedule is presented using the regulatory basis of accounting, which is
described in Note l(c) of the City's basic financial statement. The information in the 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 (Unifmm Guidance). Because the Schedule presents only a selected portion
of the operations of the City, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: N/A