Notes to SEFA
Title: Basis of Presentation
Accounting Policies: See Additional Notes tab for significant policies used in preparing the SEFA
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was used.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of City of McBain (the "City") for the year ended April 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 the operations of the City, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of the City.
Title: Summary of Significant Accounting Policies
Accounting Policies: See Additional Notes tab for significant policies used in preparing the SEFA
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was used.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of City of McBain (the "City") for the year ended April 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 the operations of the City, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of the City.
Title: Balance of Federal Loan Program
Accounting Policies: See Additional Notes tab for significant policies used in preparing the SEFA
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was used.
See the Notes to the SEFA table instead
Title: Reconciliation of Revenues with Expenditures for Federal Financial Assistance Programs
Accounting Policies: See Additional Notes tab for significant policies used in preparing the SEFA
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was used.
See the Notes to the SEFA table instead