Notes to SEFA
Title: Reporting Entity:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual
basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de Minimis indirect cost rate for fiscal year
2023.
The accompanying schedule of expenditures of federal awards (schedule) presents the activity or
expenditure of all federal awards programs of the City of Fernley, Nevada (City) for the year ended June
30, 2023. The City’s reporting entity is defined in Note 1 of the basic financial statements. All
expenditure of federal awards received directly from federal agencies as well as federal awards passed
through other government agencies are included in the schedule.
Title: Basis of Accounting:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual
basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de Minimis indirect cost rate for fiscal year
2023.
This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual
basis of accounting. The information in this schedule is presented in accordance with the requirements of
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards.
Title: Relationship to Basic Financial Statements:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual
basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de Minimis indirect cost rate for fiscal year
2023.
Expenditures of federal awards have been reported in the following funds:
Title: Indirect Cost Rate:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual
basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de Minimis indirect cost rate for fiscal year
2023.
The City did not elect to use the 10% de Minimis indirect cost rate for fiscal year
2023.
Title: Federal Loans and Loan Guarantee Programs Outstanding:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual
basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de Minimis indirect cost rate for fiscal year
2023.
The City had the following federal loans outstanding at June 30, 2023 for which federal compliance
requirements applied during the fiscal year:
2017 Sewer Loan (66.458-Capitalization Grants for Clean Water State Revolving Loan Fund) 1,150,553