Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Modified Cash
De Minimis Rate Used: N
Rate Explanation: Rate was not used
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the City of Lone grove, 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 Requirement for Federal Awards (Uniform Guidance). Because the Schedule presents only selected portions 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: Summare of Significant Accounting Policies
Accounting Policies: Modified Cash
De Minimis Rate Used: N
Rate Explanation: Rate was not used
Expenditures report 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: Indirect Cost Rate
Accounting Policies: Modified Cash
De Minimis Rate Used: N
Rate Explanation: Rate was not used
The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.