Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. 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 reimburstmen.
De Minimis Rate Used: N
Rate Explanation: They did not use minimal cost rate.
The accompanying schedule of expenditures of Federal Awards (the "Schedule") includes the federal award activity of the City under programs of the federal government for the year ended June 30, 2024. The information in rhis Schedule is presented in accordance with the requirements of Title 2 U.S Code of Federal Regulations Part 200. Uniform Administrative Requirements, Cost principlesm and Auidt Requirements fir 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 financila position, change of net assets, or cash flows of the City.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. 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 reimburstmen.
De Minimis Rate Used: N
Rate Explanation: They did not use minimal cost rate.
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. 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 reimburstmen.
Title: Pass-through Grant numbers
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. 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 reimburstmen.
De Minimis Rate Used: N
Rate Explanation: They did not use minimal cost rate.
All Pass-through enitites listed above use the same Assitance listing numbers as the federal grantors to identify these grants and have not assigned any additional identifying numbers
Title: Indirect Cost rate
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. 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 reimburstmen.
De Minimis Rate Used: N
Rate Explanation: They did not use minimal cost rate.
The City did not ellect to use the 10 percent de minimis indirect cost rate, as allowed under the Uniform Guidance.