Notes to SEFA
Title: BASIS OF ACCOUNTING
Accounting Policies: US GAAP
De Minimis Rate Used: N
Rate Explanation: THE CITY ELECTED NOT TO USE THE DE MINIMIS RATE.
The Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting. The modified accrual basis of accounting is described in Note 1 of the basic financial statements. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: BASIS OF PRESENTATION
Accounting Policies: US GAAP
De Minimis Rate Used: N
Rate Explanation: THE CITY ELECTED NOT TO USE THE DE MINIMIS RATE.
The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal awards programs of the City. The City’s reporting entity is defined in Note 1 to the basic financial statements found in the City’s Annual Comprehensive Financial Report (ACFR). Federal awards received directly from federal agencies, as well as awards passed through other government agencies, are included on the Schedule of Expenditures of Federal Awards.
Title: INDIRECT COSTS
Accounting Policies: US GAAP
De Minimis Rate Used: N
Rate Explanation: THE CITY ELECTED NOT TO USE THE DE MINIMIS RATE.
The City has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance.