Notes to SEFA
Accounting Policies: Note 1 - Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") summarizes the expenditures of the City of Ridgetop under programs of the federal government and passed through the State of Tennessee for the year ended June 30, 2024. 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). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.