Notes to SEFA
Title: NON-CASH AWARDS
Accounting Policies: The City’s summary of significant accounting policies is presented in note 1 to the City’s basic financial statements for the year ended June 30, 2023. Governmental and proprietary funds account for the City’s federal grant activity. Expenditures reported on the Schedule are reported on either the modified accrual basis of accounting or accrual basis of accounting, depending on the basis of accounting used by the respective fund for which the activity is reported. Such expenditures are recognized following, as applicable, the cost principles in OMB-87, Cost Principles for State, Local and Indian Tribal Governments, the cost principles contained in the Uniform Guidance, or other applicable
regulatory guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements or report to federal agencies. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior periods. Federal financial assistance provided to a subrecipient is treated as an expenditure when it is paid to the subrecipient.
De Minimis Rate Used: N
Rate Explanation: The City elected not to use the 10% de minimis cost rate for the year ended June 30, 2024.
There were no federal awards expended in the form of noncash assistance during the fiscal year. There were also no loans or loan guarantees outstanding at year-end.