Notes to SEFA
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Falfurrias, Texas and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
Sub-recipients
During the year ended December 31, 2022, the City of Falfurrias, Texas had no sub-recipients.
Federal Loans and Loan Guarantees
During the year ended December 31, 2022, the City had no outstanding federal loans payable or federal loan guarantees.
Federally Funded Insurance
During the year ended December 31, 2022, the City had no federally funded insurance.
Noncash Awards
During the year ended December 31, 2022, the City did not have any federal awards in the form of noncash assistance.
Indirect Cost Rate
The Uniform Guidance allows an organization to elect a 10% de minimus indirect cost rate. For the year ended December 31, 2022, the City did not elect to use this rate.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMUS COST RATE