Notes to SEFA
Title: Note 1 Basis of accounting
Accounting Policies: Modified Cash
De Minimis Rate Used: N
Rate Explanation: Not Necessary
The accompanying schedule of federal awards includes the federal activity of the City of Tecumseh under programs of the federal government for the year ended December 31,. 2023. the information in the schedule is presented in accourdace with requirement of Title 2 U.S. code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Deferral Awards (Uniform Guidance). Becasue the schedule presents only a selected portion of the opeations of the City of Tecumseh, it is not intended to and does not present the financial positon, changes in net position or cash flows of the City of Tecumseh.
Title: Note 2 Summary of Significant Accounting Policies
Accounting Policies: Modified Cash
De Minimis Rate Used: N
Rate Explanation: Not Necessary
Expenditures reported in the schedule are reported on the modified cash basis of accounting, Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditues are not allowed or are limited as to reimbursement.
Title: Note 3 Indirect Cost Rate
Accounting Policies: Modified Cash
De Minimis Rate Used: N
Rate Explanation: Not Necessary
The City of Tecumseh has not elected to use the 10% de minimis indirect cost reate allowed under the uniform guidance