Notes to SEFA
Title: Notes to the Schedule of Expenditures of Federal Awards (SEFA)
Accounting Policies: Expenditures reported on the Schedule are reported on the same 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. Negative amounts shown on the Schedule represent adjustment or credit made in the normal course of business to amount report as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal awards activity of the City under the programs of the federal government for the year ended September 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations Part 200. Uniform Administration Requirements of Title 2 U. S. Code of Federal Regulations Part 200. Uniform Administration Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operation of the City of Vicksburg, Mississippi. Summary of Significant Accounting Policies: The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required the Uniform Guidance and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used in the prepare the basic financial statements and certain additional procedures including comparing and reconciling such information directly to the underlying accounting and other records used to pere he basic financial statements or to the basic financial statemnts themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of American.