Notes to SEFA
Accounting Policies: The City accounts for most of its Federal grants in Special Revenue Funds. Special Revenue Funds are governmental funds which can be used to account for resources restricted to, or committed for, specific purposes by a grantor. Generally, unused balances are returned to the grantor at the close of specified project periods.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City and is presented on the modified accrual basis of accounting as described in Note 1 to the basic financial statements for the year ended September 30, 2024.
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, section 414.