Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the cash 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. The City of Webster City has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: The City of Webster City has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of City of Webster City 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 of
Webster City, it is not intended to and does not present the financial position, changes in financial position or cash flows of City of
Webster City.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the cash 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. The City of Webster City has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: The City of Webster City has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the cash 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. The City of Webster City has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the cash 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. The City of Webster City has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: The City of Webster City has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
No awards were passed through to subrecipients.