Notes to SEFA
Accounting Policies: 1. Summary of Significant Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administered by City of Lockport, New York (the City), an entity as defined in Note 1 to the City's basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule of Expenditures of Federal Awards. Basis of Accounting: The City uses the modified accrual basis of accounting for each federal program, consistent with the fund basis financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the City's financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.