Notes to SEFA
Title: Basis of Presentation.
Accounting Policies: Basis of Presentation. The accompanying schedule of federal awards includes the federal grant activity of the City of Milford and is presented on the modified cash basis of accounting. Grant awards are considered to be expended when the expense transactions associated with the grant occur. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs. The City did not elect to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
The accompanying schedule of federal awards includes the federal grant activity of the City of Milford and is presented on the modified cash basis of accounting. Grant awards are considered to be expended when the expense transactions associated with the grant occur. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the financial statements.
Title: Subrecipients.
Accounting Policies: Basis of Presentation. The accompanying schedule of federal awards includes the federal grant activity of the City of Milford and is presented on the modified cash basis of accounting. Grant awards are considered to be expended when the expense transactions associated with the grant occur. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs. The City did not elect to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
The City provided no federal awards to subrecipients.
Title: Indirect Costs.
Accounting Policies: Basis of Presentation. The accompanying schedule of federal awards includes the federal grant activity of the City of Milford and is presented on the modified cash basis of accounting. Grant awards are considered to be expended when the expense transactions associated with the grant occur. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs. The City did not elect to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
The City did not elect to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
Title: Loan.
Accounting Policies: Basis of Presentation. The accompanying schedule of federal awards includes the federal grant activity of the City of Milford and is presented on the modified cash basis of accounting. Grant awards are considered to be expended when the expense transactions associated with the grant occur. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs. The City did not elect to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
The federal expenditure amount of $2,197,029 represents an addition to an outstanding loan. The loan has an interest rate of 0.10% and an administrative fee of 0.10%. Payments are to start upon completion of the project, due semi-annually on June 15 and December 15. Initial loan payment is scheduled to start on June 15, 2024, with the final payment due on December 15, 2053.