Title: Note 3: LOAN / LOAN GUARANTEE OUTSTANDING BALANCES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City of Santa Fe, Texas (the City) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. 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 financial position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2024, the City of Santa Fe, Texas did not elect to use this de minimis cost rate.
The City of Santa Fe, Texas did not have any federal loans or loan guarantees outstanding during the year ended September 30, 2024.
Title: Note 4: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City of Santa Fe, Texas (the City) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. 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 financial position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2024, the City of Santa Fe, Texas did not elect to use this de minimis cost rate.
During the year ended September 30, 2024, the City of Santa Fe, Texas had no subrecipients.
Title: Note 5: NONCASH ASSISTANCE AND OTHER
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City of Santa Fe, Texas (the City) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. 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 financial position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2024, the City of Santa Fe, Texas did not elect to use this de minimis cost rate.
The City of Santa Fe, Texas did not receive any noncash assistance or federally funded insurance during the year ended September 30, 2024.
Title: Note 6: CONTINGENCIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City of Santa Fe, Texas (the City) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. 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 financial position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2024, the City of Santa Fe, Texas did not elect to use this de minimis cost rate.
Grant monies received and disbursed by the City of Santa Fe, Texas are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, the City of Santa Fe, Texas does not believe that such disallowance, if any, would have a material effect on the financial position of the City of Santa Fe, Texas.