Notes to SEFA
Accounting Policies: Reporting Entity:
The reporting entity is fully described in Note 1 to the City’s basic financial statements.
Basis of Presentation:
The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
The cost principles indicate that certain types of expenditures are not allowable or are limited as to reimbursement. 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: The City has not elected to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance.