Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the
federal award activity of City of Wasilla, Alaska (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. Expenditures reported on the Schedule are reported on the modified 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. Negative amounts shown on the Schedule represented 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: The City has elected not to use the 10percent
de minimis indirect cost rate allowed under the
Uniform Guidance.