Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual 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. Expenditures of federal awards are recognized in the accounting period when the liability is incurred and has met the eligibility criteria of the federal award.
Revenue from federal awards is recognized when the City has done everything necessary to establish its right to the revenue. In the governmental funds, revenue from federal awards is recognized when the revenue is both measurable and available. In proprietary funds, revenue from federal awards is recognized when it is earned.
Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards (schedule) includes the federal award activity of the City under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code 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 entity.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule are reported on the accrual 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. Expenditures of federal awards are recognized in the accounting period when the liability is incurred and has met the eligibility criteria of the federal award.
Revenue from federal awards is recognized when the City has done everything necessary to establish its right to the revenue. In the governmental funds, revenue from federal awards is recognized when the revenue is both measurable and available. In proprietary funds, revenue from federal awards is recognized when it is earned.
Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance
Expenditures reported on the schedule are reported on the accrual 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. Expenditures of federal awards are recognized in the accounting period when the liability is incurred and has met the eligibility criteria of the federal award.
Revenue from federal awards is recognized when the City has done everything necessary to establish its right to the revenue. In the governmental funds, revenue from federal awards is recognized when the revenue is both measurable and available. In proprietary funds, revenue from federal awards is recognized when it is earned.
Pass-through entity identifying numbers are presented where available.
Title: Note 3 Indirect Cost Rate
Accounting Policies: Expenditures reported on the schedule are reported on the accrual 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. Expenditures of federal awards are recognized in the accounting period when the liability is incurred and has met the eligibility criteria of the federal award.
Revenue from federal awards is recognized when the City has done everything necessary to establish its right to the revenue. In the governmental funds, revenue from federal awards is recognized when the revenue is both measurable and available. In proprietary funds, revenue from federal awards is recognized when it is earned.
Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance
The City has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.