Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: City of Filer, Idaho has not elected to use the 10-percent de minims indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of City of Filer, Idaho under programs of the Federal Government for the grant period ended September 30, 2023. The information in the 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 of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of City of Filer, Idaho it is not intended to and does not present the financial position or change in Net Assets of City of Filer, Idaho.
Title: REPORTING PERIOD
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: City of Filer, Idaho has not elected to use the 10-percent de minims indirect cost rate.
The City of Filer, Idaho has elected to present the Schedule of Expenditure of Federal Awards for the period of the project itself, as if the reporting were for a program-specific report. This reporting election is a deviation from typical Uniform Guidance reporting, but the City believes this reporting meets the intentions of reporting under Uniform Guidance and corrects for overlooked reports that should have been filed for fiscal years ended September 30, 2020 and 2021. The grant period covers all expenditures from October 1, 2017 through September 30, 2023.
Title: OUTSTANDING LOAN BALANCES
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: City of Filer, Idaho has not elected to use the 10-percent de minims indirect cost rate.
Outstanding debt balances as of September 30, 2023 are $3,585,532.