Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Town of Fairview, Texas (the Town) and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
The Town's reporting entity is defined in Note 1 to the Town's basic financial statements. Federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included on the schedule.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.