Notes to SEFA
Title: Note 1. General and Basis of Presentation
Accounting Policies: See attached notes.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards (Schedule) includes the federal award activity of the City of Pampa, Texas (the City) under programs of the federal government for the year ended September 30, 2024. The accompanying notes are an integral part of this Schedule. The information in this 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, it is not intended to and does not present the financial position, changes in net assets or cash flows of the City. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 2. Subrecipients
Accounting Policies: See attached notes.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Of the federal expenditures presented in the Schedule, the City provided no federal awards to subrecipients.
Title: Note 3. Loans
Accounting Policies: See attached notes.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
As of September 30, 2024, the City had no loans or loan guarantees outstanding with federal awarding agencies.
Title: Note 4. Indirect Cost Rate
Accounting Policies: See attached notes.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The City has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.