Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. These
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. Negative amounts
shown on the SEFA, if any, represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity
of the City. The information in the SEFA 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 (the “Uniform Guidance”). Therefore, some amounts presented in the
SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. These
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. Negative amounts
shown on the SEFA, if any, represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. These
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. Negative amounts
shown on the SEFA, if any, represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. These
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. Negative amounts
shown on the SEFA, if any, represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance