Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified cash basis of accounting which is described in Note 1 of the City’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has elected to not use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Clarksville, Missouri, and is presented on the modified cash basis of accounting. 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, Cost Principles, and Audit Requirements for Federal Awards (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.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified cash basis of accounting which is described in Note 1 of the City’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has elected to not use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
The City of Clarksville, Missouri, did not receive federal awards on behalf of others.
Title: Non-Monetary Federal Awards
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified cash basis of accounting which is described in Note 1 of the City’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has elected to not use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
During the year ended June 30, 2024, the City did not receive any non-monetary assistance.
Title: Insurance
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified cash basis of accounting which is described in Note 1 of the City’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has elected to not use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
As of and for the year ended June 30, 2024, the City had no federal insurance in effect.
Title: Federal Loans or Loan Guarantees
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified cash basis of accounting which is described in Note 1 of the City’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has elected to not use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
At June 30, 2024, the City had federal loans or loan guarantees of $1,165,386.