Notes to SEFA
Title: REPORTING ENTITY
Accounting Policies: Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the
financial statements, regardless of the measurement focus applied. The governmental fund financial statements are reported
using the current financial resources measurement focus and the modified accrual basis of accounting. The proprietary and
fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of
accounting. Expenditures of Federal Awards reported on the Schedule are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Schedule of Expenditure of Federal Awards (the Schedule) includes expenditures of federal awards for the City of Santa Clara, California, and its component units as disclosed in the notes to the Basic Financial Statements, except for federal awards of the Santa Clara Stadium Authority (Stadium Authority). Federal awards expended by the Stadium Authority, if any, are excluded from the Schedule and are subject to a separate Single Audit performed by other auditors.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the
financial statements, regardless of the measurement focus applied. The governmental fund financial statements are reported
using the current financial resources measurement focus and the modified accrual basis of accounting. The proprietary and
fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of
accounting. Expenditures of Federal Awards reported on the Schedule are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements, regardless of the measurement focus applied. The governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. The proprietary and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Expenditures of Federal Awards reported on the Schedule are recognized when incurred.
Title: INDIRECT COST ELECTION
Accounting Policies: Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the
financial statements, regardless of the measurement focus applied. The governmental fund financial statements are reported
using the current financial resources measurement focus and the modified accrual basis of accounting. The proprietary and
fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of
accounting. Expenditures of Federal Awards reported on the Schedule are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.