Notes to SEFA
Title: NOTE A-BASIS OF PRESENTATION
Accounting Policies: ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: DIRECT COST
The accompanying schedule of expenditures of federal awards includes the federal award activity of the City of Altus, Ok under programs of the federal government for the year ended June 30, 2023. the information in this SEFA is presented in accordance with the requriements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requriements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selected portion of teh operations of the City, it is not intenced to and does not present the financial position, changes in net position, or cash flows of the City.
Title: NOTE B-SUMMARY OF SIGNIFICANT POLICIES
Accounting Policies: ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: DIRECT COST
Expenditures reported on the SEFA are reported on the accraul basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are low allowable or are limited as to reimbursement. The Ciyt has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.