Notes to SEFA
Title: (1) Basis of Presentation
Accounting Policies: (1) Basis of Presentation - See Form for Detail, (2) Summary of Significant Accounting Policies - See Form for detail.
De Minimis Rate Used: N
Rate Explanation: See notes to the SEFA in the financial statements
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Montezuma, Georgia under programs of the federal government for the fiscal year ended September 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 Administration 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 of Montezuma, Georgia, it is not intended to and does not present the financial position, changes in net position or cash flows of the City of Montezuma, Georgia.
Title: (2) Summary of Significant Accounting Policies
Accounting Policies: (1) Basis of Presentation - See Form for Detail, (2) Summary of Significant Accounting Policies - See Form for detail.
De Minimis Rate Used: N
Rate Explanation: See notes to the SEFA in the financial statements
Expenditures reported on the Schedule are reported on the same basis of accounting as the financial statements. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: (3) Indirect Cost Rate
Accounting Policies: (1) Basis of Presentation - See Form for Detail, (2) Summary of Significant Accounting Policies - See Form for detail.
De Minimis Rate Used: N
Rate Explanation: See notes to the SEFA in the financial statements
City of Montezuma, Georgia has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: (4) Loan Programs
Accounting Policies: (1) Basis of Presentation - See Form for Detail, (2) Summary of Significant Accounting Policies - See Form for detail.
De Minimis Rate Used: N
Rate Explanation: See notes to the SEFA in the financial statements
The Drinking Water State Revolving Loan Programs DW2019013-L and DWDRA20002-L are administered by the City of Montezuma, Georgia and the balances and transactions relating to these programs are included in the City of Montezuma, Georgia’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balances of the loans outstanding at September 30, 2024 consists of:
Title: (4) Loan Programs (Continued)
Accounting Policies: (1) Basis of Presentation - See Form for Detail, (2) Summary of Significant Accounting Policies - See Form for detail.
De Minimis Rate Used: N
Rate Explanation: See notes to the SEFA in the financial statements
See the Notes to the SEFA for the Loan Programs ending balances.