Notes to SEFA
Title: Note 1: 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 in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures in prior years. There were no sub-recipients for the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the ten percent de minimis cost rate as allowed under Uniform Guidance, but rather the rates established directly with the respective federal agencies.
The purpose of the accompanying schedule of expenditures of federal awards (the schedule) is to present a summary of those activities of the City of Grover Beach (the City) for the year ended June 30, 2024 which have been financed by federal awards. For purposes of the schedule, federal awards include all federal grants received directly from the federal government and sub-awards from nonfederal organizations made under federally sponsored agreements. Because the schedule presents only a selected portion of the activities of the City, it is not intended to and does not present either the financial position or changes in net position of the City.
The information in this 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). Therefore, some amounts presented in this schedule may differ from amounts presented in the basic financial statements.
Title: Note 2: 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 in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures in prior years. There were no sub-recipients for the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the ten percent de minimis cost rate as allowed under Uniform Guidance, but rather the rates established directly with the respective federal agencies.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures in prior years. There were no sub-recipients for the year ended June 30, 2024.
Title: Note 3: 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 in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures in prior years. There were no sub-recipients for the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the ten percent de minimis cost rate as allowed under Uniform Guidance, but rather the rates established directly with the respective federal agencies.
The City has not elected to use the ten percent de minimis cost rate as allowed under Uniform Guidance, but rather the rates established directly with the respective federal agencies.