Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and reconcile to federal grant revenue reported in the statement of revenues, expenses, and change in net position. Such 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.
De Minimis Rate Used: N
Rate Explanation: No indirect costs allocated.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Cumberland-Franklin Joint Municipal Authority under programs of the federal government for the year ended December 31, 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 of expenditures of federal awards presents only a selected portion of the operations of Cumberland-Franklin Joint Municipal Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Cumberland-Franklin Joint Municipal Authority.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and reconcile to federal grant revenue reported in the statement of revenues, expenses, and change in net position. Such 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.
De Minimis Rate Used: N
Rate Explanation: No indirect costs allocated.
Expenditures reported on the Schedule are reported on the accrual basis of accounting and reconcile to federal grant revenue reported in the statement of revenues, expenses, and change in net position. Such 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.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and reconcile to federal grant revenue reported in the statement of revenues, expenses, and change in net position. Such 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.
De Minimis Rate Used: N
Rate Explanation: No indirect costs allocated.
Cumberland-Franklin Joint Municipal Authority did not elect to use the ten percent de minimis indirect cost rate allowed under Uniform Guidance for the fiscal year ended December 31, 2024.