Notes to SEFA
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Sherman, Texas and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
The City of Sherman, Texas' reporting entity is defined in Note I to the City of Sherman, Texas’ basic financial statements. Federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included in the schedule.
De Minimis Rate Used: Y
Rate Explanation: The City of Sherman, Texas has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts paid to subrecipients for the fiscal year ending September 30, 2024 were as follows: See Notes to the SEFA for table.
Title: Expenditures Reported on SEFA Incurred in a Prior Period
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Sherman, Texas and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
The City of Sherman, Texas' reporting entity is defined in Note I to the City of Sherman, Texas’ basic financial statements. Federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included in the schedule.
De Minimis Rate Used: Y
Rate Explanation: The City of Sherman, Texas has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
On September 20, 2023, the Department of Treasury issued the 2023 interim final rule (IFR) for the Coronavirus State and Local Fiscal Recovery Funds (CSLFRF). For eligible use categories described in the 2023 IFR, recipients may use CSLFRF funds for costs incurred beginning December 29, 2022. For the year ended September 30, 2024, the City’s SEFA includes $363,320 in expenditures that were incurred in the prior year.