Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA are reported as federal loan proceeds are disbursed. For
expenditures related to grant revenue, expenditures on the SEFA are reported in the year in which
they are incurred. Such expenditures are recognized following the cost principles contained in
the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to
reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) incudes federal awards
activity of the City of La Pine (City) under programs of the federal government for the year ended
June 30, 2024. The information presented in this schedule is presented in accordance with the
requirements of Title 2 US 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, change in net position, or cash flows of
the City.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the SEFA are reported as federal loan proceeds are disbursed. For
expenditures related to grant revenue, expenditures on the SEFA are reported in the year in which
they are incurred. Such expenditures are recognized following the cost principles contained in
the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to
reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Expenditures reported on the SEFA are reported as federal loan proceeds are disbursed. For
expenditures related to grant revenue, expenditures on the SEFA are reported in the year in which
they are incurred. Such expenditures are recognized following the cost principles contained in
the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to
reimbursement.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported on the SEFA are reported as federal loan proceeds are disbursed. For
expenditures related to grant revenue, expenditures on the SEFA are reported in the year in which
they are incurred. Such expenditures are recognized following the cost principles contained in
the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to
reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The City has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: LOAN PROGRAMS
Accounting Policies: Expenditures reported on the SEFA are reported as federal loan proceeds are disbursed. For
expenditures related to grant revenue, expenditures on the SEFA are reported in the year in which
they are incurred. Such expenditures are recognized following the cost principles contained in
the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to
reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The balance of federal loans as of June 30, 2024 was $21,369,795.