Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
award activity of the City and Borough of Yakutat, Alaska 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 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Because the Schedule presents only a selected portion of the operations of City and Borough of
Yakutat, Alaska, it is not intended to and does not present the financial position, changes in net
position or cash flows of City and Borough of Yakutat, Alaska. 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.
De Minimis Rate Used: N
Rate Explanation: City and Borough of Yakutat has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.