Notes to SEFA
Title: Note 3. Relationship to Federal Financial Reports
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all applicable federal awards of the City of Georgetown, Texas (the City). The City’s reporting entity is defined in Note 1
to the City’s financial statements. Federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included in the respective schedule. The
City has not elected to use the 10% de minimis indirect cost rate. The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the City’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate.
Grant expenditures reports as of September 30, 2024, which have been submitted to grantor agencies will, in some cases, differ slightly from amounts disclosed herein. The reports prepared for grantor agencies
are typically prepared at a later date and often reflect refined estimates of year-end accruals. The reports will agree at termination of the grant, as the discrepancies noted are timing differences.
Title: Note 4. Expenditures Incurred in a Prior Year
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all applicable federal awards of the City of Georgetown, Texas (the City). The City’s reporting entity is defined in Note 1
to the City’s financial statements. Federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included in the respective schedule. The
City has not elected to use the 10% de minimis indirect cost rate. The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the City’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate.
The City disclosed amounts in the Schedule for expenditures incurred in a prior year as follows: