Notes to SEFA
Title: 1
Accounting Policies: The schedule of expenditures for federal awards is prepared on the same basis of accounting and uses the same significant accounting policies as the financial statements. These policies are described in the notes to the financial statements. The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The Proprietary Fund types are accounted for using full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City of Leary, Texas did not elect to use the 10% de minimis indirect cost rate.
The schedule of expenditures for federal awards is prepared on the same basis of accounting and uses the same significant accounting policies as the financial statements. These policies are described in the notes to the financial statements.
Title: 2
Accounting Policies: The schedule of expenditures for federal awards is prepared on the same basis of accounting and uses the same significant accounting policies as the financial statements. These policies are described in the notes to the financial statements. The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The Proprietary Fund types are accounted for using full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City of Leary, Texas did not elect to use the 10% de minimis indirect cost rate.
The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The Proprietary Fund types are accounted for using full accrual basis of accounting.
Title: 3
Accounting Policies: The schedule of expenditures for federal awards is prepared on the same basis of accounting and uses the same significant accounting policies as the financial statements. These policies are described in the notes to the financial statements. The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The Proprietary Fund types are accounted for using full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City of Leary, Texas did not elect to use the 10% de minimis indirect cost rate.
The City of Leary, Texas did not elect to use the 10% de minimis indirect cost rate.
Title: 4
Accounting Policies: The schedule of expenditures for federal awards is prepared on the same basis of accounting and uses the same significant accounting policies as the financial statements. These policies are described in the notes to the financial statements. The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The Proprietary Fund types are accounted for using full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City of Leary, Texas did not elect to use the 10% de minimis indirect cost rate.
The City of Leary has loan programs under the Water and Waste Disposal Systems for Rural Communities ALN 10.760 outstanding at September 30, 2024 as follows:
Water and Waste Disposal Systems for Rural Communities ALN 10.760:
“See the Notes to the SEFA for chart/table”
Title: 5
Accounting Policies: The schedule of expenditures for federal awards is prepared on the same basis of accounting and uses the same significant accounting policies as the financial statements. These policies are described in the notes to the financial statements. The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The Proprietary Fund types are accounted for using full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City of Leary, Texas did not elect to use the 10% de minimis indirect cost rate.
The City of Leary's federal expenditures may temporarily differ from the recognition of funding sources due to the timing of loan draws. A reconciliation of the applicable capital project addition to the schedule of federal expenditures is as follows:
“See the Notes to the SEFA for chart/table”