Notes to SEFA
Title: Oversight Agency
Accounting Policies: 1) Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
2) The City has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The U.S. Department of Treasury is the current year’s oversight agency for single audit as determined by the agency providing the largest share of direct federal financial assistance.
Title: Basis of Presentation
Accounting Policies: 1) Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
2) The City has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Gladstone (“the City”) under programs of the federal government for the year ended March 31, 2024. The information in the 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 the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City. The information in the schedules reconciles with the amounts presented in the financial statements as shown in Note F below.
Title: Pass-Through Grant Monies
Accounting Policies: 1) Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
2) The City has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
During 2024, the City did not pass through any grant funds.
Title: Pass-Through Grantor's or Progam Numbers
Accounting Policies: 1) Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
2) The City has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The pass-through entity identifying numbers are presented where available.
Title: Federal Revenue Reconciliation
Accounting Policies: 1) Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
2) The City has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
See the Notes to the SEFA for chart/table.