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: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Jefferson, Missouri under programs of the federal government for the year ended October 31, 2022. 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 of Jefferson, Missouri, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Jefferson, Missouri.
Title: NOTE 3 PROGRAM INCOME:
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 auditee used the de minimis cost rate.
In accordance with terms of the grant, program income is available to be used to reduce the amount of federal funds used for specific projects: HUD:Program Income Carryforward $ -Expenses paid with program income (8,335)Program Income 8,335 Remainder program income $ -