Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recorded when the liabilities are incurred.
De Minimis Rate Used: N
Rate Explanation: The City of Opelika, Alabama has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the City of Opelika, Alabama under programs of the federal government for the year ended September 30, 2023. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City of Opelika, Alabama it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Opelika, Alabama.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recorded when the liabilities are incurred.
De Minimis Rate Used: N
Rate Explanation: The City of Opelika, Alabama has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recorded when the liabilities are incurred.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recorded when the liabilities are incurred.
De Minimis Rate Used: N
Rate Explanation: The City of Opelika, Alabama has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The City of Opelika, Alabama has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recorded when the liabilities are incurred.
De Minimis Rate Used: N
Rate Explanation: The City of Opelika, Alabama has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
During the year ended September 30, 2023, the City disbursed federal funds to the following subrecipients: