Notes to SEFA
Title: Federal Surplus Property
Accounting Policies: Expenditures reported on the Schedule are reported on modified cash 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 adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: They are not being reimbursed for costs.
The amount reported represents 23.3% of the original acquisition cost of the federal surplus property received by the City.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on modified cash 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 adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: They are not being reimbursed for costs.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the City under programs of the federal government for the two years ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 US Cod 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: Major Federal Financial Assistance Program
Accounting Policies: Expenditures reported on the Schedule are reported on modified cash 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 adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: They are not being reimbursed for costs.
This represents a Major Federal Financial Assistance Program.