Notes to SEFA
Title: NOTE 1 - 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: N
Rate Explanation: City of Booneville did not elect to use the 10% de minimus indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Booneville under the 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 operations of the City of Booneville, it is not intended to and does not present the financial position, changes in net position 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 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: N
Rate Explanation: City of Booneville did not elect to use the 10% de minimus indirect cost rate.
1) 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.
2) City of Booneville did not elect to use the 10% de minimus indirect cost rate.
Title: NOTE 3 - 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: N
Rate Explanation: City of Booneville did not elect to use the 10% de minimus indirect cost rate.
The City did pass through federal awards to a subrecipient in the current fiscal year.