Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified accrual basis of accounting which may be different from other information contained in the City's financial statements.
De Minimis Rate Used: N
Rate Explanation: The awards reported do not include an indirect cost rate as an allowable cost and consequently the City did not use the 10% de minimis cost rate allowed under the Uniform Guidance
This schedule includes the federal grant activity of the City of Grove, Oklahoma 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 the Office of Management and Budget (OMB) the Uniform Guidance. Because the schedule presents only a selected portion of the operations of the City of Grove, Oklahoma, it is not intended to and does not present the financial position, changes in net assets or cash flows of the City of Grove, Oklahoma.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified accrual basis of accounting which may be different from other information contained in the City's financial statements.
De Minimis Rate Used: N
Rate Explanation: The awards reported do not include an indirect cost rate as an allowable cost and consequently the City did not use the 10% de minimis cost rate allowed under the Uniform Guidance
Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified accrual basis of accounting which may be different from other information contained in the City's financial statements.
Title: Note 3. De Mimimis Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified accrual basis of accounting which may be different from other information contained in the City's financial statements.
De Minimis Rate Used: N
Rate Explanation: The awards reported do not include an indirect cost rate as an allowable cost and consequently the City did not use the 10% de minimis cost rate allowed under the Uniform Guidance
The awards reported do not include an indirect cost rate as an allowable cost and consequently the City did not use the 10% de minimis cost rate allowed under the Uniform Guidance