Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the modified 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. Expenditures related to Disaster Grants – Public Assistance 97-036 are
recognized when incurred and approved by the granting agency.
De Minimis Rate Used: N
Rate Explanation: The Municipality did not elect to use the ten (10) percent of the minimum indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant
activity of the Municipality 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). Therefore, some amounts presented in this schedule may differ from the
amounts presented in, or used in the preparation of, the basic financial statements.
Because the schedule presents only a selected portion of the operations of the Municipality,
it is not intended to and does not present the financial position and changes in net position
of the Municipality.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the modified 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. Expenditures related to Disaster Grants – Public Assistance 97-036 are
recognized when incurred and approved by the granting agency.
De Minimis Rate Used: N
Rate Explanation: The Municipality did not elect to use the ten (10) percent of the minimum indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified 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. Expenditures related to Disaster Grants – Public Assistance 97-036 are
recognized when incurred and approved by the granting agency.
Title: INDIRECT COST RATE
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the modified 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. Expenditures related to Disaster Grants – Public Assistance 97-036 are
recognized when incurred and approved by the granting agency.
De Minimis Rate Used: N
Rate Explanation: The Municipality did not elect to use the ten (10) percent of the minimum indirect cost rate allowed under the Uniform Guidance.
The Municipality did not elect to use the ten (10) percent of the minimum indirect cost rate
allowed under the Uniform Guidance.
Title: RECONCILIATION OF EXPENDITURES PRESENTED IN THE SCHEDULE OF
EXPENDITURES OF FEDERAL AWARDS TO THE EXPENDITURES PRESENTED IN
THE BASIC FINANCIAL STATEMENT
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the modified 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. Expenditures related to Disaster Grants – Public Assistance 97-036 are
recognized when incurred and approved by the granting agency.
De Minimis Rate Used: N
Rate Explanation: The Municipality did not elect to use the ten (10) percent of the minimum indirect cost rate allowed under the Uniform Guidance.
The expenditures of the schedule are included in the Municipality’s basic financial
statements. The reconciliation of expenditures in the basic financial statements to the
Schedule of Expenditures of Federal Awards is as follows:
Total federal expenditures per schedule $29,848,198
Federal expenditures per basic financial statement includes within:
Federal expenditures included in FEMA Fund $1,049,357
Federal expenditures included in ARPA Fund $18,851,761
Federal expenditures included in Other Governmental Funds $9,947,080
Total expenditures per schedule of expenditures of federal awards $29,848,198