Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the Schedule are reported on the modified accrual basis of accounting, which is a comprehensive basis of accounting other than U.S. GAAP and is a different basis of accounting than the government-wide basic financial statements (full accrual). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic government-wide financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the de minims ten percent indirect cost rate.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes federal award activity of the City of Columbia Falls under programs of the federal government for the year ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 US. 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 the City of Columbia Falls, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City of Columbia Falls.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLCIES
Accounting Policies: Expenditures reported in the Schedule are reported on the modified accrual basis of accounting, which is a comprehensive basis of accounting other than U.S. GAAP and is a different basis of accounting than the government-wide basic financial statements (full accrual). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic government-wide financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the de minims ten percent indirect cost rate.
Expenditures reported in the Schedule are reported on the modified accrual basis of accounting, which is a comprehensive basis of accounting other than U.S. GAAP and is a different basis of accounting than the government-wide basic financial statements (full accrual). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic government-wide financial statements.
Title: 10% DE MINIMIS INDIRECT COST RATE
Accounting Policies: Expenditures reported in the Schedule are reported on the modified accrual basis of accounting, which is a comprehensive basis of accounting other than U.S. GAAP and is a different basis of accounting than the government-wide basic financial statements (full accrual). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic government-wide financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the de minims ten percent indirect cost rate.
The City has elected not to use the de minims ten percent indirect cost rate.
Title: SUB-RECIPIENTS
Accounting Policies: Expenditures reported in the Schedule are reported on the modified accrual basis of accounting, which is a comprehensive basis of accounting other than U.S. GAAP and is a different basis of accounting than the government-wide basic financial statements (full accrual). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic government-wide financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the de minims ten percent indirect cost rate.
Of the federal expenditures presented in the schedule, the City provided no federal awards to sub-recipients.