Notes to SEFA
Title: 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedulare are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as well as other applicable provisions of contracts and grant agreements, whether certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are not being reimbursed.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule) includes the federal
award activity of the City for the year ended September 30, 2024. The information in the Schedule
of Expenditures of Federal Awards is presented in accordance with the requirements of Title 2 U.S.
Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles,
and Audit Requirements of Federal Awards, (Uniform Guidance). Because the Schedule presents only
a selected portion of the operations, it is not intended to and does not present the financial position,
change in net assets, or cash flows of the City.
Title: 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedulare are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as well as other applicable provisions of contracts and grant agreements, whether certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are not being reimbursed.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, as well
as other applicable provisions of contracts and grant agreements, wherein certain types of
expenditures are not allowable or are limited as to reimbursements.
Title: 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedulare are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as well as other applicable provisions of contracts and grant agreements, whether certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are not being reimbursed.
The City did not elect to use the 10% de minimis indirect cost rate.
Title: 4 - Contingency
Accounting Policies: Expenditures reported on the Schedulare are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as well as other applicable provisions of contracts and grant agreements, whether certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are not being reimbursed.
The grant and contract revenue amounts received are subject to audit and adjustment. If any
expenditures or expenses are disallowed by the grantor agencies as a result of such an audit, any
claim for reimbursement to the grantor/contract agencies would become a liability of the City. In
the opinion of management, all grant and contract expenditures are in compliance with the terms of
the agreements and applicable Federal and state laws and other applicable regulations.