Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the schedule are reported on the modified accrual basis of accounting, except for subrecipient expenditures, which are recorded on the cash basis. 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.
De Minimis Rate Used: N
Rate Explanation: We do not use indirect costs on any grant.
The accompanying schedule of expenditures of federal awards is presented in accordance with the requirements of OMB’s Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, using the accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented in the financial statements
Title: SUMMARY OF SIGNIFICANT ACCOUTNING POLICIES
Accounting Policies: Expenditures reported in the schedule are reported on the modified accrual basis of accounting, except for subrecipient expenditures, which are recorded on the cash basis. 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.
De Minimis Rate Used: N
Rate Explanation: We do not use indirect costs on any grant.
Expenditures reported in the schedule are reported on the modified accrual basis of accounting, except for subrecipient expenditures, which are recorded on the cash basis. 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. The City has elected not to use the 10percent de minimis indirect cost rate allowed under the Uniform Guidance, because the City does not use an indirect cost allocation.
Title: NONCASH AWARDS - EQUIPMENT
Accounting Policies: Expenditures reported in the schedule are reported on the modified accrual basis of accounting, except for subrecipient expenditures, which are recorded on the cash basis. 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.
De Minimis Rate Used: N
Rate Explanation: We do not use indirect costs on any grant.
The City received equipment that was purchased with Federal Homeland Security funds by the City and County of Denver, Office of Emergency Management. The amount reported on the Schedule is the value of the property on the date it was received by the City of Lakewood and priced by the City and County of Denver.