Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes
the federal award activity of the City of New Iberia (City) under programs of the federal government
for the year ended October 31, 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 assets, or cash flows of the City. 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 basic financial
statements for the year ended October 31, 2024. Such expenditures are recognized following the cost
principles contained in the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 15 percent de minimis indirect cost rate allowed under
Uniform Guidance.