Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule includes the federal grant activity of the City of Foley under programs of the
federal government for the year ended September 30, 2024. Expenditures reported on the schedule are
reported on the modified accrual basis of accounting. The City of Foley did not elect to utilize the 10 percent
de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The City of Foley did not elect to utilize the 10 percent
de minimis indirect cost rate allowed under the Uniform Guidance.
The information in the Schedule of Expenditures of Federal Awards (the schedule) is presented in accordance
with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Since the
schedule presents only a select portion of the operations of the City of the Foley, it is not intended to and does
not present the financial position, changes in net position, or cash flows of the City of Foley.