Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Town of Miami, Arizona for the year ended June 30, 2022. 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 presents only a selected portion of the operations of the Town of Miami, Arizona, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of Miami, Arizona. Expenditures reported on the Schedule are reported on the modified accrual/accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Town of Miami, Arizona has received loans from the U.S, Department of Agriculture (Assistance Listing Number 10.760) for a sewer system rehabilitation project. The transactions relating to these loans are included in the Town of Miami, Arizona’s basic financial statements. The federal portion of the outstanding USDA loan balance at June 30, 2022 was $4,936,630.
De Minimis Rate Used: N
Rate Explanation: The Town of Miami, Arizona has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.