Notes to SEFA
Title: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: EXPENDITURES ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING, AND ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE.
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards (SEFA)includes the federal grant activity of the City of Radcliff, Kentucky under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of 2CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Subpart F - Audit Requirements. Therefore some amounts presented in this schedule may differ from amounts used in the preparation of the financial statements.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: EXPENDITURES ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING, AND ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE.
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the de minimis cost rate
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE 3 - INDIRECT COST RATE
Accounting Policies: EXPENDITURES ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING, AND ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE.
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the de minimis cost rate
The City of Radcliff, Kentucky has elected not to use the 10% de minimis cost rate as allowed under the Uniform Guidance.