Notes to SEFA
Title: NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The City of Fenton, Missouri has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. City does not expense indirect costs.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
Title: NOTE 2 - INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The City of Fenton, Missouri has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. City does not expense indirect costs.
The City of Fenton, Missouri has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 3 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The City of Fenton, Missouri has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. City does not expense indirect costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of City of Fenton, Missouri 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 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 City of Fenton, Missouri, it is not intended to and does not present the financial position, or changes in net position of City of Fenton, Missouri.
Title: NOTE 4 – SUB-RECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The City of Fenton, Missouri has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. City does not expense indirect costs.
There were no awards passed through to sub-recipients.