Title: REPORTING ENTITY
Accounting Policies: THE SEFA IS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE CITY DID NOT HAVE ANY FEDERAL LOANS OR LOAN GUARANTEES OUTSTADING DURING THE YEAR ENDED SEPTEMBER 30, 2023
The reporting entity for the schedule of expenditures of federal awards includes the City of Fairfield, Alabama (“the City”).
Title: BASIS OF PRESENTATION
Accounting Policies: THE SEFA IS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE CITY DID NOT HAVE ANY FEDERAL LOANS OR LOAN GUARANTEES OUTSTADING DURING THE YEAR ENDED SEPTEMBER 30, 2023
The accompanying schedule of expenditures of federal awards includes the federal award activity of the City and is presented on the modified accrual basis of accounting. 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not represent the financial position of the City.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: THE SEFA IS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE CITY DID NOT HAVE ANY FEDERAL LOANS OR LOAN GUARANTEES OUTSTADING DURING THE YEAR ENDED SEPTEMBER 30, 2023
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: PROGRAM INCOME
Accounting Policies: THE SEFA IS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE CITY DID NOT HAVE ANY FEDERAL LOANS OR LOAN GUARANTEES OUTSTADING DURING THE YEAR ENDED SEPTEMBER 30, 2023
None.
Title: INDIRECT COST RATE
Accounting Policies: THE SEFA IS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE CITY DID NOT HAVE ANY FEDERAL LOANS OR LOAN GUARANTEES OUTSTADING DURING THE YEAR ENDED SEPTEMBER 30, 2023
The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2023, the City did not elect to use this rate.
Title: FEDERALLY FUNDED INSURANCE AND FEDERALLY FUNDED LOANS
Accounting Policies: THE SEFA IS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE CITY DID NOT HAVE ANY FEDERAL LOANS OR LOAN GUARANTEES OUTSTADING DURING THE YEAR ENDED SEPTEMBER 30, 2023
The City did not have any federal loans or loan guarantees outstanding during the year ended September 30, 2023.
Title: NON-CASH ASSISTANCE
Accounting Policies: THE SEFA IS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE CITY DID NOT HAVE ANY FEDERAL LOANS OR LOAN GUARANTEES OUTSTADING DURING THE YEAR ENDED SEPTEMBER 30, 2023
During the year ended September 30, 2023, the City did not receive non-cash federal assistance.