Notes to SEFA
Title: Note A-Basis of Presentation:
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. (2) Pass-through entity identifying number are presented where available. (3) The City did not elect the 10% de minimus indirect cost rate because they only request direct costs for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditte did not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Bristol, Virginia under programs of the federal
government for the year ended June 30, 2024. The information in the Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule
presents only a selected portion of the operations of the City of Bristol, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash
flows of the City of Bristol, Virginia.
Title: Note C-Loans and Loan Guarantees:
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. (2) Pass-through entity identifying number are presented where available. (3) The City did not elect the 10% de minimus indirect cost rate because they only request direct costs for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditte did not use the de minimis cost rate
The City did not have any loans or loan guarantees which are subject to reporting requirements for the current year.
Title: Note D-Subrecipients:
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. (2) Pass-through entity identifying number are presented where available. (3) The City did not elect the 10% de minimus indirect cost rate because they only request direct costs for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditte did not use the de minimis cost rate
The City did not have an subrecipients during the fiscal year.
Title: Note E-Relationship to the Financial Statements:
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. (2) Pass-through entity identifying number are presented where available. (3) The City did not elect the 10% de minimus indirect cost rate because they only request direct costs for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditte did not use the de minimis cost rate
Federal expenditures, revenues and capital contributions are reported in the City's basic financial statements as follows: