Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying schedule includes the federal grant activity of the City under programs of the federal government for the year ended September 30, 2023. Expenditures reported on the schedule are reported on the modified accrual basis of accounting. The City did not elect to utilize the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The information in the Schedule of Expenditures of Federal Awards (the schedule) is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Since the schedule presents only a select portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position or cash flows of the City.
Title: Contingencies
Accounting Policies: The accompanying schedule includes the federal grant activity of the City under programs of the federal government for the year ended September 30, 2023. Expenditures reported on the schedule are reported on the modified accrual basis of accounting. The City did not elect to utilize the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The programs shown in the schedule are subject to audit by grantor agencies. If any expenditures or expenses are disallowed by the grantor agencies as a result of such audit, any claim for reimbursement to the grant agencies would become a liability of the City. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.