Notes to SEFA
Accounting Policies: a. Scope of PresentationThe accompanying schedule presents only the expenditures incurred by the City ofThousand Oaks, California, that are reimbursable under federal program of federalfinancial assistance. The information in the schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the schedule presents only a selected portionof the operations of the City, it is not intended to and does not present the financialposition, changes in net assets, or cash flows of the City. For the purposes of thisschedule, federal awards include both federal financial assistance received directlyfrom a federal agency, as well as federal funds received indirectly by the City from anon-federal agency, as well as federal funds received indirectly by the City from a nonfederalagency or other organization. Only the portion of program expendituresreimbursable with such federal funds is reported in the accompanying schedule.Program expenditures in excess of the maximum federal reimbursement authorizedor the portion of the program expenditures that were funded with state, local or othernon-federal funds are excluded from the accompanying schedule.b. Basis of AccountingThe expenditures included in the accompanying schedule were reported on themodified accrual basis of accounting. Under the modified accrual basis of accounting,expenditures are incurred when the City becomes obligated for payment as a result ofthe receipt of the related goods and services. Expenditures reported included anyproperty or equipment acquisitions incurred under the federal program. Negativeamounts shown on the schedule, if any, represent adjustments or credits made in thenormal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.