Notes to SEFA
Title: Describe the significant accounting policies
used in preparing the SEFA. (2 CFR 200.510(b)(6))
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City and is presented on an accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City does not charge in-direct costs to federal grants and has elected not to draw the 10% de minimis indirect cost rate allowed in the Uniform Guidance, Section 414
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City and is presented on an accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
Title: Please explain
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City and is presented on an accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City does not charge in-direct costs to federal grants and has elected not to draw the 10% de minimis indirect cost rate allowed in the Uniform Guidance, Section 414
The City does not charge in-direct costs to federal grants and has elected not to draw the 10% de minimis indirect cost rate allowed in the Uniform Guidance, Section 414