Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Cash Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: City of Mills elected not to use the 10 percent de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award
activity of the City of Mills under programs of the federal government for the year ended June 30, 2024. The
information in the Schedule is presented in accordance with the requirements of the Title 2 U.S Code of Federal
Regulations Part 200, Uniform Administration 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 Mills, it is not intended to and does not present the financial position, changes in net position or cash flows of
the City of Mills.
Title: Summary of Significant Accounting Principles
Accounting Policies: Cash Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: City of Mills elected not to use the 10 percent de minimis indirect cost rate.
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. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. No federal financial assistance has been provided to subrecipients.
Title: Indirect Cost Rate
Accounting Policies: Cash Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: City of Mills elected not to use the 10 percent de minimis indirect cost rate.
The City did not elect to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.