Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain expenditures are not allowed or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The grant expenditures do not include any indirect costs and, as such, the City has not made any elections regarding the 10% de minimis cost rate as permitted in the Uniform Guidance, Section 200.414.
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of the City of Stamford under programs of the federal government for the year ended September 30, 2023. 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, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance), and Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents only a selected portion of the operations of
the City of Stamford, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City of Stamford.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain expenditures are not allowed or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The grant expenditures do not include any indirect costs and, as such, the City has not made any elections regarding the 10% de minimis cost rate as permitted in the Uniform Guidance, Section 200.414.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain expenditures are not allowed or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain expenditures are not allowed or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The grant expenditures do not include any indirect costs and, as such, the City has not made any elections regarding the 10% de minimis cost rate as permitted in the Uniform Guidance, Section 200.414.
The grant expenditures do not include any indirect costs and, as such, the City has not made any elections regarding the 10% de minimis cost rate as permitted in the Uniform Guidance, Section 200.414.