Title: General
Accounting Policies: General
The accompanying schedule of expenditures of federal awards (SEFA) presents the activity of all federal financial assistance programs of the City of North Pole (the City) for the year ended December 31, 2023. The information in the SEFA 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). Federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other entities, is included on the SEFA. The City’s reporting entity is defined in Note 1 to the financial statements.
Basis of Accounting
Expenditures reported on the accompanying SEFA are presented using the modified-accrual basis of accounting, which is described in Note 1 of the City’s basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The City has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) presents the activity of all federal financial assistance programs of the City of North Pole (the City) for the year ended December 31, 2023. The information in the SEFA 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). Federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other entities, is included on the SEFA. The City’s reporting entity is defined in Note 1 to the financial statements.
Title: Basis of Accounting
Accounting Policies: General
The accompanying schedule of expenditures of federal awards (SEFA) presents the activity of all federal financial assistance programs of the City of North Pole (the City) for the year ended December 31, 2023. The information in the SEFA 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). Federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other entities, is included on the SEFA. The City’s reporting entity is defined in Note 1 to the financial statements.
Basis of Accounting
Expenditures reported on the accompanying SEFA are presented using the modified-accrual basis of accounting, which is described in Note 1 of the City’s basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The City has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the accompanying SEFA are presented using the modified-accrual basis of accounting, which is described in Note 1 of the City’s basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The City has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Relationship to Basic Financial Statements
Accounting Policies: General
The accompanying schedule of expenditures of federal awards (SEFA) presents the activity of all federal financial assistance programs of the City of North Pole (the City) for the year ended December 31, 2023. The information in the SEFA 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). Federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other entities, is included on the SEFA. The City’s reporting entity is defined in Note 1 to the financial statements.
Basis of Accounting
Expenditures reported on the accompanying SEFA are presented using the modified-accrual basis of accounting, which is described in Note 1 of the City’s basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The City has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The following is a reconciliation of intergovernmental revenues reported in the City’s basic financial statements to federal expenditures reported in the SEFA.
Intergovernmental revenues as reported in the basic
financial statements $ 610,421
Add: Capital contributions as reported in Statement of Revenues,
Expenses and Change in Net Position – Water and Sewer
Enterprise Fund 1,200,788
Add: Federal grant revenue recorded as other revenue in the basic
financial statements 14,128
Less: Contract revenue recorded as intergovernmental revenue in the
basic financial statements (76,008)
Less: State and local grant revenue recorded as intergovernmental
revenue in the basic financial statements (294,378)
Federal share of expenditures as reported on the SEFA $ 1,454,951