Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Accrual Basis
De Minimis Rate Used: Y
Rate Explanation: City is using standard GAAP practices
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Marion, Illinois and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB Uniform Administrative Requirements, Cost Principles, and the audit requirements for federal awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation or, the basic financial statements.
Title: Indirect Costs
Accounting Policies: Accrual Basis
De Minimis Rate Used: Y
Rate Explanation: City is using standard GAAP practices
The City of Marion, Illinois has elected to use the 10% de minimis cost rate
Title: Subricipients
Accounting Policies: Accrual Basis
De Minimis Rate Used: Y
Rate Explanation: City is using standard GAAP practices
The City of Marion, Illinois did not provide federal awards to any subrecipients.
Title: Non-cash Assistance
Accounting Policies: Accrual Basis
De Minimis Rate Used: Y
Rate Explanation: City is using standard GAAP practices
There was no non-cash assistance reported in the schedule of expenditures of federal awards
Title: Insurance
Accounting Policies: Accrual Basis
De Minimis Rate Used: Y
Rate Explanation: City is using standard GAAP practices
There is no insurance involving federal expenditures.
Title: Loans
Accounting Policies: Accrual Basis
De Minimis Rate Used: Y
Rate Explanation: City is using standard GAAP practices
There are no loans outstanding involving federal funds.