Notes to SEFA
Title: Non-Cash Federal Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Hobbs, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The City did not use the de minimis cost rate. The de minimis cost rate is not consistently applied to all grants, per grant requirements
No non-cash federal assistance was received during the year ended June 30, 2024.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Hobbs, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The City did not use the de minimis cost rate. The de minimis cost rate is not consistently applied to all grants, per grant requirements
The City did not provided federal awards to subrecipients during the year.
Title: Federal Insurance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Hobbs, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The City did not use the de minimis cost rate. The de minimis cost rate is not consistently applied to all grants, per grant requirements
The City has no federally funded insurance.
Title: Loans and Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Hobbs, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The City did not use the de minimis cost rate. The de minimis cost rate is not consistently applied to all grants, per grant requirements
The following is the outstanding principal balance of the Clean Water State Revolving Funds (CWSRF) program at June 30, 2024. Because there are no continuing compliance requirements, the outstanding balance is not included in the Schedule of expenditures of federal awards.