Notes to SEFA
Title: Note 1—Basis of presentation
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of Federal awards (“SEFA”) includes the Federal award activity of the City of Richmond, Kentucky (the “City”), under programs of the federal government for the year ended June 30, 2024, 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 SEFA 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 assets, or cash flows of the City.
Title: Note 4—Section 8 Department
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The City’s Section 8 Department’s schedule of expenditures of federal awards (SEFA) has been audited and reported separately to the U.S. Office of Management and Budget. The Section 8 Department’s audited SEFA can be obtained by contacting the City of Richmond Section 8 Department by writing P.O. Box 2050, Richmond, KY 4047, or by telephone at (859) 623-4246.