Notes to SEFA
Title: NOTE 1 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 types of expenditures are not allowable or limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City of Pearl, Mississippi did not elect to use the 10% de minimis indirect cost rate allowed
under the Uniform Guidance.
The accompanying Schedule of Federal Awards is prepared on the modified accrual basis of
accounting. The information in this schedule is presented in accordance as required by 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 of Pearl, Mississippi, it is
not intended to and does not present the financial position, changes in net position, or cash flows
of the City of Pearl, Mississippi.
Title: NOTE 2 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 types of expenditures are not allowable or limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City of Pearl, Mississippi did not elect to use the 10% de minimis indirect cost rate allowed
under the Uniform Guidance.
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 types of expenditures are not allowable or limited as to
reimbursement.
Title: NOTE 3 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 types of expenditures are not allowable or limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City of Pearl, Mississippi did not elect to use the 10% de minimis indirect cost rate allowed
under the Uniform Guidance.
The City of Pearl, Mississippi did not elect to use the 10% de minimis indirect cost rate allowed
under the Uniform Guidance.