Notes to SEFA
Title: Note 1 - Summary of Significant Accounting Policies
Accounting Policies: Yes - see Note 1.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the City of Fitchburg, Massachusetts (the City) under programs of the federal government for the year ended June 30, 2024. The information in the schedule 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 Require-ments 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 position, or cash flows of the City.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
The amounts reported for the National School Lunch Program – Non-Cash Assistance represent the fair value of commodities received.
Title: Note 2 - De Minimis Cost Rate
Accounting Policies: Yes - see Note 1.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The City has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.