Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of Price City (City). The City reporting entity is defined in Note 1 to the basic financial statements. All federal awards received directly from federal agencies as well as federal awards passed-through other government agencies are included on the schedule of expenditures of federal awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting for expenditures in governmental fund types and on the accrual basis for expenses in proprietary fund types, which is described in Note 1 to the basic financial statements.
Title: Non-Cash Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of Price City (City). The City reporting entity is defined in Note 1 to the basic financial statements. All federal awards received directly from federal agencies as well as federal awards passed-through other government agencies are included on the schedule of expenditures of federal awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City did not receive any non-cash assistance
Title: Loans Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of Price City (City). The City reporting entity is defined in Note 1 to the basic financial statements. All federal awards received directly from federal agencies as well as federal awards passed-through other government agencies are included on the schedule of expenditures of federal awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City had no federally insured loans outstanding at year-end.