Notes to SEFA
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards ("the Schedule") includes the federal grantactivity of City of Ivanhoe, Texas. The information in the Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200 Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance").Therefore, some amounts may differ from amounts presented in, or used in the preparation of, the basicfinancial statements.Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Theseexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on theSchedule, if any, represent adjustments or credits made in the normal course of business to amounts reportedas expenditures in prior years.City of Ivanhoe, Texas has elected not to use the 10-percent de minimis indirect cost rate allowed under theUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.