Notes to SEFA
Title: Basis of accounting
Accounting Policies: General: The accoompanying schedule of expenditures of federal awards (the schedule) includes the grant activity of Price 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 US Code of fedral regulations, part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The City reporting entity is defined in Note 1 to the basic financial statement. All federal awards received directly from federal agencies as well as federal awards passed through other goverment agencies are included on the schedule of expenditures of federal awards. Because the schedule presents only a selected portion of the operations of Price City it is not intenced to and does not present the financial position, changes in net position, or cash flows of Price City.
De Minimis Rate Used: Y
Rate Explanation: The city has elected to use the 10 percent de minimus indirect cost rate.
The accompanying shcedule of expenditures of federal awards is presented using the modified basis of accounting for expenditures in governmental fund types and on the accrual basis for expenses in proprietary fund types, which is described in Note 1 to the basic financial statements.
Title: Non-cash assistance
Accounting Policies: General: The accoompanying schedule of expenditures of federal awards (the schedule) includes the grant activity of Price 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 US Code of fedral regulations, part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The City reporting entity is defined in Note 1 to the basic financial statement. All federal awards received directly from federal agencies as well as federal awards passed through other goverment agencies are included on the schedule of expenditures of federal awards. Because the schedule presents only a selected portion of the operations of Price City it is not intenced to and does not present the financial position, changes in net position, or cash flows of Price City.
De Minimis Rate Used: Y
Rate Explanation: The city has elected to use the 10 percent de minimus indirect cost rate.
The city did not receive any non-cash assistance in the current period.
Title: Loans outstanding
Accounting Policies: General: The accoompanying schedule of expenditures of federal awards (the schedule) includes the grant activity of Price 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 US Code of fedral regulations, part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The City reporting entity is defined in Note 1 to the basic financial statement. All federal awards received directly from federal agencies as well as federal awards passed through other goverment agencies are included on the schedule of expenditures of federal awards. Because the schedule presents only a selected portion of the operations of Price City it is not intenced to and does not present the financial position, changes in net position, or cash flows of Price City.
De Minimis Rate Used: Y
Rate Explanation: The city has elected to use the 10 percent de minimus indirect cost rate.
The city does not have outstanding federal loans and did not participate in any federal loan programs in the current period.