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 the Uniform Guidance for all awards with the exception of Assistance Listing 21.027, which follows criteria dtermined by the Department of Treasury for allowability of costs. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amount 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: The City of Peoria, Arizona did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR 200.414.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of City of Peoria (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 requirement of 2 CFR Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirement for Federal Awards (Unifrom Guidance). Because the Schedule presents only a selected poriton of the operations of the City, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City.
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 the Uniform Guidance for all awards with the exception of Assistance Listing 21.027, which follows criteria dtermined by the Department of Treasury for allowability of costs. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amount 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: The City of Peoria, Arizona did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR 200.414.
Expenditures reproted 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 for all awards with the exception of Assistance Listing 21.027, which follows criteria determined by the Department of Treasury for allowability of costs. Under these principles, 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.
Title: Note 3 - Indirect Cost Rate
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 the Uniform Guidance for all awards with the exception of Assistance Listing 21.027, which follows criteria dtermined by the Department of Treasury for allowability of costs. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amount 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: The City of Peoria, Arizona did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR 200.414.
The City of Peoria, Arizona did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR 200.414.