Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as reimbursements.
The City did not elect to use the 10% de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: Actual costs used. Not de minimus rate.
The accompanying schedule of expenditures of federal and state awards (SEFSA) includes the federal and state grant activity of the City of Brady under the programs of the federal government and the State of Texas for the year ended September 30, 2024. The information in this SEFSA is presented in accordance with the requirements of the Uniform Guidance and the State Single Audit Implementation Act. Because the SEFSA presents only a select portion of the operations of the City of Brady, it is not intended to and does not present the financial position, changes in net position or cash flows of the City of Brady.
Title: Note B – Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as reimbursements.
The City did not elect to use the 10% de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: Actual costs used. Not de minimus rate.
Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as reimbursements.
The City did not elect to use the 10% de minimus indirect cost rate.
Title: Note C - Loans Outstanding
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as reimbursements.
The City did not elect to use the 10% de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: Actual costs used. Not de minimus rate.
City of Brady had the following loan balances outstanding at September 30, 2024. The expenditures made during the year are included in the SEFSA in the federal expenditures presented in the schedule. Balances and transactions related to these programs are included in the City of Brady’s financial statements.