Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “schedule”) presents the activity for all federal, state and awards of the city for the fiscal year ended September 30, 2024. The City’s reporting entity is defined in Note 1 of the City’s basic financial statements. The schedule is presented using the modified accrual basis of accounting for expenditures in the governmental funds and the accrual basis of accounting for expenditures in the proprietary funds, which is described in Note 1 of the City’s basic financial statements. The information in accordance to requirements by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles and Audit Requirements for Federal Awards and Chapter 10.550. The City did not elect to use the 10% de minimus indirect cost rates. There is no loan and/or loan guarantee program in effect for the City as described in 2 CFR section 200.502(b) included in rules of the Auditor General. Subrecipients of Federal Awards total $54,918.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimus indirect cost rates. There is no loan and/or loan guarantee program in effect for the City as described in 2 CFR section 200.502(b) included in rules of the Auditor General. Subrecipients of Federal Awards total $54,918.