Notes to SEFA
Title: Note B - Noncash Transactions
Accounting Policies: The accompanying schedule of federal awards is a summary of the activity of the City’s federal
award programs presented on the accrual basis of accounting in accordance with accounting
principles generally accepted in the United States of America. Accordingly, revenues are
recognized when the qualifying expenditures have been incurred and expenditures have been
recognized when the fund liability has been incurred.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% federal de minimis indirect cost rate.
There was no noncash assistance reported in the schedule of expenditures of federal awards.
Title: Note C- Other Information
Accounting Policies: The accompanying schedule of federal awards is a summary of the activity of the City’s federal
award programs presented on the accrual basis of accounting in accordance with accounting
principles generally accepted in the United States of America. Accordingly, revenues are
recognized when the qualifying expenditures have been incurred and expenditures have been
recognized when the fund liability has been incurred.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% federal de minimis indirect cost rate.
There was no insurance or loan guarantees related to federal awards in the schedule of
expenditures of federal awards.