Notes to SEFA
Title: NOTE 3
Accounting Policies: This Schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the full 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.
The city was approved by the Assistant Secretary for Community Planning and Development, Department of Housing and Urban Development, to receive a loan totaling $1,700,000 to build the Mount Vernon Library Commons facility. The amount listed for this loan includes the beginning of the period loan balance plus proceeds used during the year. The balance owing at the end of the period is $1,700,000.
Title: NOTE 4 - PROGRAM COSTS
Accounting Policies: This Schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the full 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.
The amounts shown as current year expenditures represent only the federal award portion of the program costs. Entire program costs, including the city’s portion, are more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.