Notes to SEFA
Title: Basis of Presentation
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: City of Henderson, Kentucky has elected not to use.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of Henderson,Kentucky under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the City of Henderson, Kentucky, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Henderson, Kentucky
Title: Summary of Significant Accounting Policies
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: City of Henderson, Kentucky has elected not to use.
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 reimbursement.
Title: Indirect Cost Rate
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: City of Henderson, Kentucky has elected not to use.
The City of Henderson, Kentucky Has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.