Notes to SEFA
Title: Note1. Basis of Presentation
Accounting Policies: Modified Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The City did not opt to use the 10% de minimis cost rate
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the City of Ardmore, Oklahoma (the “City”) under programs of the federal government for the year ended June 30, 2024. 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). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
Title: Note 2. Summary of Significant Accounting Polices
Accounting Policies: Modified Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The City did not opt to use the 10% de minimis cost rate
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance , wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3. Indirect Cost Rate
Accounting Policies: Modified Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The City did not opt to use the 10% de minimis cost rate
The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.