Notes to SEFA
Title: Note 3 U.S Department of Agriculture
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Portsmouth, New Hampshire 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 2 CFR 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 Portsmouth, New Hampshire, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Portsmouth, New Hampshire. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The amount reported for the National School Lunch Program – Non-Cash Assistance (Commodities) represents non-monetary assistance and is reported in the Schedule at the fair market value of the commodities received. The amount reported for the National School Lunch Program – Cash Assistance represents cash receipts from federal reimbursements.