Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10 percent de minimus indirect cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of the City of Ripley, West Virginia (the "City") under programs of the federal government for the year ended June 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, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10 percent de minimus indirect cost rate allowed under Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10 percent de minimus indirect cost rate allowed under Uniform Guidance.
The City has elected to use the 10 percent de minimus indirect cost rate allowed under Uniform Guidance
Title: Pass-Through to Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10 percent de minimus indirect cost rate allowed under Uniform Guidance.
There were no awards passed through to subrecipients
Title: Loans Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10 percent de minimus indirect cost rate allowed under Uniform Guidance.
The City had the following loan balances outstanding at June 30, 2023: