Notes to SEFA
Accounting Policies: NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of the City of Meriden, Connecticut, under programs of the federal
government for the year ended June 30, 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 of
Meriden, Connecticut, it is not intended to, and does not, present the financial position,
changes in fund balance, changes in net position or cash flows of the City of Meriden,
Connecticut.
Basis of Accounting
Expenditures reported on the Schedule are reported using the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in the
Uniform Guidance. Under these principles certain types of expenditures are not allowable or
are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 INDIRECT COST RECOVERY
The City of Meriden, Connecticut, has elected not to use the 10% de minimis indirect cost
rate provided under Section 200.414 of the Uniform Guidance.