Notes to SEFA
Accounting Policies: This schedule of expenditures of federal awards includes the federal program activity of the City of Searcy, Arkansas and is presented 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The City of Searcy, Arkansas does not charge indirect cost rates and charges 100% of their costs directly.