Notes to SEFA
Title: Reporting Entity:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual
basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2024.
The accompanying schedule of expenditures of federal awards presents the activity or expenditure of all
federal awards programs of the City of Show Low, Arizona for the year ended June 30, 2024. The City’s
reporting entity is defined in Note 1 of the basic financial statements. All expenditures of federal awards
received directly from federal agencies as well as federal awards passed through other government agencies
are included in the schedule.
Title: Basis of Accounting:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual
basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2024.
This accompanying schedule of expenditures of federal awards has been prepared on the modified 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, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards.
Title: Relationship to Basic Financial Statements:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual
basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2024.
Please see table on page 137 of financial statement package
Title: Indirect Cost Rate:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual
basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2024.
The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2024.
Title: Federal Loans:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual
basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2024.
The City did not have any federal loans for fiscal year 2024.
Title: Subrecipients:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual
basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2024.
There were no subrecipients for fiscal year 2024.