Notes to SEFA
Title: 1
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Passthrough entity identifying numbers are presented where
available.
De Minimis Rate Used: N
Rate Explanation: 7
CITY OF GRAND MEADOW
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of
City of Grand Meadow, Minnesota under programs of the federal government for the year ended December 31, 2023.
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 City, it is
not intended to and does not present the financial position, changes in net position, or cash flows of the City.
2. Summary of Significant Accounting Principles
Expenditures reported on the Schedule are reported on the modified 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. Passthrough entity identifying numbers are presented where
available.
3. Indirect Cost Rate
The City has not charged indirect costs to any of the federal programs. Therefore, the election of the 10 percent de
minimis indirect cost rate is not applicable as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of
City of Grand Meadow, Minnesota under programs of the federal government for the year ended December 31, 2023.
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 City, it is
not intended to and does not present the financial position, changes in net position, or cash flows of the City.
Title: 4
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Passthrough entity identifying numbers are presented where
available.
De Minimis Rate Used: N
Rate Explanation: 7
CITY OF GRAND MEADOW
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of
City of Grand Meadow, Minnesota under programs of the federal government for the year ended December 31, 2023.
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 City, it is
not intended to and does not present the financial position, changes in net position, or cash flows of the City.
2. Summary of Significant Accounting Principles
Expenditures reported on the Schedule are reported on the modified 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. Passthrough entity identifying numbers are presented where
available.
3. Indirect Cost Rate
The City has not charged indirect costs to any of the federal programs. Therefore, the election of the 10 percent de
minimis indirect cost rate is not applicable as allowed under the Uniform Guidance.
The City did not pass any federal funds to subrecipients during the year ended December 31, 2023.