Notes to SEFA
Title: General
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the modified
accrual basis of accounting, which is described in Note 1 to the City's basic financial statements for the
year ended June 30,2024. 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.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate allowed under
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (schedule) includes the federal
award activity of the City of Youngsville (City) 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 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 position, or cash flows ofthe City.
Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the modified
accrual basis of accounting, which is described in Note 1 to the City's basic financial statements for the
year ended June 30,2024. 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.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate allowed under
Uniform Guidance.
The accompanying schedule of expenditures of federal awards is presented using the modified
accrual basis of accounting, which is described in Note 1 to the City's basic financial statements for the
year ended June 30,2024. 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: Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the modified
accrual basis of accounting, which is described in Note 1 to the City's basic financial statements for the
year ended June 30,2024. 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.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate allowed under
Uniform Guidance.
The City has elected not to use the 10 percent de minimis indirect cost rate allowed under
Uniform Guidance.