Notes to SEFA
Title: Note 1 – Basis of Presentation:
Accounting Policies: Accrual basis
De Minimis Rate Used: N
Rate Explanation: The de minimis cost rate was not used.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of City of Benton, Kentucky and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. The City did not elect to use the 10,00% de minimis indirect cost rate.
Title: Note 2 – Federal Awards Reconciliation:
Accounting Policies: Accrual basis
De Minimis Rate Used: N
Rate Explanation: The de minimis cost rate was not used.
Grant revenues reflected in the fund financial statements include state and local funds which are not included in the Schedule of Expenditures of Federal Awards. Intergovernmental revenue as reported in the Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds $244,165 plus Grants as reported in the Statement of Revenues, Expenses, and Changes in Fund Net Position Proprietary Funds $1,208,062 less State and local grants $(198,390) equals Total Federal Awards $1,253,837.