Notes to SEFA
Title: Reporting Entity:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2024.
The accompanying schedule of expenditures of federal awards presents the activity or expenditure of all federal
awards programs of City of Bisbee, Arizona (the City) for the year ended June 30, 2024. The City’s reporting entity
is defined in Note 1 of the basic financial statements. All expenditure of federal awards received directly from
federal agencies as well as federal awards passed through other government agencies are included in the schedule.
Title: Basis of Accounting:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2024.
This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual basis of
accounting. The information in this schedule is presented in accordance with the requirements Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards (Uniform Guidance).
Title: Relationship to Basic Financial Statements:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2024.
See page 123 of financial statement package
Title: Indirect Cost Rate:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2024.
The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2024.
Title: Federal Loans:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2024.
The City did not have any federal loans for fiscal year 2024.
Title: Subrecipients:
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the modified accrual basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year 2024.
The City had no subrecipients for fiscal year 2024.