Notes to SEFA
Title: Note 3 Basis of Presentation
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards (Schedule) are reported under generally accepted accounting principles (U.S. GAAP). Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule includes the federal award activity of City of Bagley, Minnesota under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of City of Bagley, Minnesota, it is not intended to and does not present the financial position, changes in net position or cash flows of City of Bagley, Minnesota.
Title: Note 4 Subreceipients
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards (Schedule) are reported under generally accepted accounting principles (U.S. GAAP). Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During 2023, the City did not pass any federal money to subrecipients.