Notes to SEFA
Title: Reporting Entity:
Accounting Policies: This accompanying schedule has been prepared on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year June 30, 2024.
The accompanying schedule of expenditures of federal awards (schedule) presents all activity or expenditure
or all federal award programs of Parowan City for the year ended June 30, 2024. The City’s reporting entity
is defined in note 1 of the basic financial statements. All expenditure of federal awards received directly from
federal agencies as well as federal awards passed through other government agencies are included in the
schedule.
Title: Basis of Accounting:
Accounting Policies: This accompanying schedule has been prepared on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year June 30, 2024.
This accompanying schedule has been prepared on the modified accrual basis of accounting. The information
in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance).
Title: Relationship to the Basic Financial Statements:
Accounting Policies: This accompanying schedule has been prepared on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year June 30, 2024.
Please see page 85 of the financial statement package
Title: Subrecipients:
Accounting Policies: This accompanying schedule has been prepared on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year June 30, 2024.
The City did not have any subrecipents for the fiscal year 2024.
Title: Indirect Cost:
Accounting Policies: This accompanying schedule has been prepared on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate for fiscal year June 30, 2024.
The City did not elect to use the 10% de minimis indirect cost rate for fiscal year June 30, 2024.