Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting for proprietary
funds and the modified accrual basis of accounting for governmental funds. Such expenditures are
recognized following the cost principle contained in the 2 Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
schedule represent adjustments made in the normal course of business to amounts reported as
expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City of Campbellsville, Kentucky elected not to use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the
City of Campbellsville, Kentucky 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 operation of the City of Campbellsville, Kentucky, it is not intended to and does not present
the financial position or cash flows of the City of Campbellsville, Kentucky.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting for proprietary
funds and the modified accrual basis of accounting for governmental funds. Such expenditures are
recognized following the cost principle contained in the 2 Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
schedule represent adjustments made in the normal course of business to amounts reported as
expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City of Campbellsville, Kentucky elected not to use the de minimis cost rate.
Expenditures reported in the schedule are reported on the accrual basis of accounting for proprietary
funds and the modified accrual basis of accounting for governmental funds. Such expenditures are
recognized following the cost principle contained in the 2 Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
schedule represent adjustments made in the normal course of business to amounts reported as
expenditures in prior years. Pass-through entity identifying numbers are presented where available.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting for proprietary
funds and the modified accrual basis of accounting for governmental funds. Such expenditures are
recognized following the cost principle contained in the 2 Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
schedule represent adjustments made in the normal course of business to amounts reported as
expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City of Campbellsville, Kentucky elected not to use the de minimis cost rate.
The City of Campbellsville, Kentucky has elected not to use the 10 percent due minimis indirect cost rate
allowed under the Uniform Guidance.
Title: Subrecipients
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting for proprietary
funds and the modified accrual basis of accounting for governmental funds. Such expenditures are
recognized following the cost principle contained in the 2 Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
schedule represent adjustments made in the normal course of business to amounts reported as
expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City of Campbellsville, Kentucky elected not to use the de minimis cost rate.
There were no sub recipients during the fiscal year.