Notes to SEFA
Title: NOTE 1 - GENERAL
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards included the federal award activity of the City 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 only presents a selected portion of the operations of the City, it is not intended to and does not present the financial position or change in net assets of the City. Governmental Funds are used to account for the City’s federal grant activity. Amounts reported in the Schedule of Expenditures of Federal Awards are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited so to reimbursement. See Note 1 of the financial statements for a summary of significant accounting policies.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the de minimis indirect cost rate of 10% as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the City of Craig, Colorado (the City). All federal financial assistance received by the City directly from federal agencies, as well as federal financial assistance passed through other governmental agencies, including the State of Colorado, is included on the schedule.
Title: NOTE 2 - BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards included the federal award activity of the City 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 only presents a selected portion of the operations of the City, it is not intended to and does not present the financial position or change in net assets of the City. Governmental Funds are used to account for the City’s federal grant activity. Amounts reported in the Schedule of Expenditures of Federal Awards are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited so to reimbursement. See Note 1 of the financial statements for a summary of significant accounting policies.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the de minimis indirect cost rate of 10% as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards included the federal award activity of the City 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 only presents a selected portion of the operations of the City, it is not intended to and does not present the financial position or change in net assets of the City. Governmental Funds are used to account for the City’s federal grant activity. Amounts reported in the Schedule of Expenditures of Federal Awards are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited so to reimbursement. See Note 1 of the financial statements for a summary of significant accounting policies.