Notes to SEFA
Title: NOTE 1
Accounting Policies: MODIFIED CASH BASIS OF ACCOUNTING
De Minimis Rate Used: Y
Rate Explanation: Do not have cost rate
The accompnaying schedule of expenditures of federal awards includes the federal award activity of the City of Gilman under programs of the federal government for year ended April 30, 2024. The information in this Schedule if presented in accordance with the requirements of Title 2 U.S. Code of Fderal Regulations Par 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 of Gilman it is not intended to and not present the financial position, changes in net position, or cash flows of the City of Gilman.
Title: NOTE 2
Accounting Policies: MODIFIED CASH BASIS OF ACCOUNTING
De Minimis Rate Used: Y
Rate Explanation: Do not have cost rate
Expenditures reported on the Schedule are reported on the 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.
Title: NOTE 3
Accounting Policies: MODIFIED CASH BASIS OF ACCOUNTING
De Minimis Rate Used: Y
Rate Explanation: Do not have cost rate
The City of Gilman has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 4
Accounting Policies: MODIFIED CASH BASIS OF ACCOUNTING
De Minimis Rate Used: Y
Rate Explanation: Do not have cost rate
Loan balances as of April 30, 2024 were as follows: L175815 $1,393,803 and L171411 $156,474