Notes to SEFA
Title: Note 1
Accounting Policies: This Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the accompanying financial statements. Expenditures are limited to the amount of Federal awards received from the granting agency, and does not include expenditures of local matching funds. Since it presents only a selected portion of the operations of the City of Hollis, Oklahoma, it is not intended to and does not present the total assets, liabilities, and net assets, changes in net assets, or cash flows of the City of Hollis, Oklahoma.
De Minimis Rate Used: N
Rate Explanation: Auditee used actual direct costs.
This Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the accompanying financial statements. Expenditures are limited to the amount of Federal awards received from the granting agency, and does not include expenditures of local matching funds. Since it presents only a selected portion of the operations of the City of Hollis, Oklahoma, it is not intended to and does not present the total assets, liabilities, and net assets, changes in net assets, or cash flows of the City of Hollis, Oklahoma.