Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: THE CITY ELECTED NOT TO UTILIZE THE 10% DE MINIMIS INDIRECT COST RATE. NO PROGRAMS HAVE OUTSTANDING FEDERAL LOAN RECEIVABLE BALANCES.
De Minimis Rate Used: N
Rate Explanation: THE CITY ELECTED NOT TO UTILIZE THE 10% DE MINIMIS INDIRECT COST RATE.
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting. Under the modified accrual basis of accounting, expenditures are recognized when the related Fund liability is incurred. Federal grant programs which are administered through State agencies (pass-through awards) have been included in this report, including any funds expended for the State funded portion of those same programs. 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, therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: Summary of Significant Accounting Policies
Accounting Policies: THE CITY ELECTED NOT TO UTILIZE THE 10% DE MINIMIS INDIRECT COST RATE. NO PROGRAMS HAVE OUTSTANDING FEDERAL LOAN RECEIVABLE BALANCES.
De Minimis Rate Used: N
Rate Explanation: THE CITY ELECTED NOT TO UTILIZE THE 10% DE MINIMIS INDIRECT COST RATE.
The City elected not to utilize the 10% de minimis indirect cost rate. No programs have outstanding federal loan receivable balances.