Notes to SEFA
Title: REPORTING ENTITY
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. For the year ended March 31, 2024, there were no indirect costs included in the schedule of expenditures of federal awards.
The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of the City of Rehoboth Beach.
Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. For the year ended March 31, 2024, there were no indirect costs included in the schedule of expenditures of federal awards.
The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. For the year ended March 31, 2024, there were no indirect costs included in the schedule of expenditures of federal awards.
The City has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. For the year ended March 31, 2024, there were no indirect costs included in the schedule of expenditures of federal awards.
Title: LOAN BALANCES INVOLVING FEDERAL FUNDS
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. For the year ended March 31, 2024, there were no indirect costs included in the schedule of expenditures of federal awards.
During the year ended March 31, 2019, the City was awarded a $52,481,085 loan from the Delaware Natural Resources and Environmental Control, which is funded by passed through federal funds. The loan balance originating from federal funds at March 31, 2024 was $42,329,470.