Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-87, Cost Principles for State and Local Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Priniciples, and Audit Requirements for Federal Awards, wehrein certina types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown ont he schedule represents adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City of Morehead, Kentucky has not currently elected to use the 10 perfent de minimis indirect cost rate as allowed under the Uniform Guidance.