Notes to SEFA
Accounting Policies: Note 1. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Cityh of Ardmore, Oklahoma (the City) under programs of the federal govvernment fo rthe year ending June 30, 2023. The information in this Schedule is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administratiave Requirement, Cost Principles and Audit Requirement for Federal Awards (Uniform Guidance) Because the Schedule present only a selected portion of the operations of the City, it is not intended to and does not present the finacial position, changes in net position, or cash flows of the City. Note 2 Summary of Significant Accounting Polocies Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not aallowable or are limited as to reimbursement. Note 3, - the city has not elected to use the 10% de minimis indirect cost reate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost reate allowed under the Uniform Guidance