Notes to SEFA
Title: Note 2. Sub-recipients
Accounting Policies: The City of Bedford, Texas (the City) accounts for its grants in the General Fund and Special Revenue Funds. Special Revenue Funds are governmental funds which can be used to account for resources
restricted to, or committed for, specific purposes by a grantor. Generally, unused balances are returned to the grantor at the close of specified project periods. The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City and is presented on the modified accrual basis of accounting as described in Note 1 to the basic financial statements for the year ended September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The City elected not to use the de minimis indirect cost rate as allowed in the Uniform Guidance, section 414.
Of the federal expenditures presented in the schedule, the City provided no federal awards to subrecipients.
Title: Note 3. Loans
Accounting Policies: The City of Bedford, Texas (the City) accounts for its grants in the General Fund and Special Revenue Funds. Special Revenue Funds are governmental funds which can be used to account for resources
restricted to, or committed for, specific purposes by a grantor. Generally, unused balances are returned to the grantor at the close of specified project periods. The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City and is presented on the modified accrual basis of accounting as described in Note 1 to the basic financial statements for the year ended September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The City elected not to use the de minimis indirect cost rate as allowed in the Uniform Guidance, section 414.
At year end, The City had no loans or loan guarantees outstanding with federal awarding agencies.