Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual 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.
De Minimis Rate Used: N
Rate Explanation: The Municipality of Martinsburg, West Virginia has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Municipality of Martinsburg, West Virginia under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Municipality of Martinsburg, West Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Municipality of Martinsburg, West Virginia.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual 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.
De Minimis Rate Used: N
Rate Explanation: The Municipality of Martinsburg, West Virginia has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual 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.
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual 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.
De Minimis Rate Used: N
Rate Explanation: The Municipality of Martinsburg, West Virginia has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Municipality of Martinsburg had the following loan balance outstanding at June 30, 2024:
Federal
Assistance
Listing Pass-through Amount
Program Title Number Grantor's Number Outstanding
Capitalization grants for state
revolving funds (Clean Water
State Revolving Fund) 66.458 C-544197 $18,119,299
Title: DE MINIMIS INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual 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.
De Minimis Rate Used: N
Rate Explanation: The Municipality of Martinsburg, West Virginia has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Municipality of Martinsburg, West Virginia has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.