Notes to SEFA
Title: NOTE 1: BASIS OF ACCOUNTING
Accounting Policies: Significant accounting policies and de minimis cost rate usage. Standard items.
De Minimis Rate Used: N
Rate Explanation: Rate used is based on actual.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Giddings, Texas and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Cost Principles for Federal Awards (the Uniform Guidance). Therefore, some amounts presented in tlus schedule may differ from amounts presented in or used
in the preparation of the basic financial statements.
Title: NOTE 2: INDIRECT COST
Accounting Policies: Significant accounting policies and de minimis cost rate usage. Standard items.
De Minimis Rate Used: N
Rate Explanation: Rate used is based on actual.
The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.