Notes to SEFA
Title: NOTE 1 – Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited to reimbursement
De Minimis Rate Used: N
Rate Explanation: City of Genesee, Idaho has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of City of Genesee, Idaho 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
City of Genesee, Idaho, it is not intended to and does not present the financial position,
changes in fund balance, or cash flows of City of Genesee, Idaho.
Title: NOTE 2 – Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited to reimbursement
De Minimis Rate Used: N
Rate Explanation: City of Genesee, Idaho has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
(1) Expenditures reported on the Schedule are reported on the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
(3) City of Genesee, Idaho has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
Title: NOTE 3 – Balance of Loan Programs at Year End
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited to reimbursement
De Minimis Rate Used: N
Rate Explanation: City of Genesee, Idaho has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
CFDA Number Program Name
Outstanding Balance as
of September 30, 2023
10.760 Water and Waste Disposal
Systems for Rural Communities $1,480,205
Title: NOTE 4 – Sub-Recipients
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited to reimbursement
De Minimis Rate Used: N
Rate Explanation: City of Genesee, Idaho has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
City of Genesee, Idaho did not pass any federal awards through to subrecipients.