Notes to SEFA
Accounting Policies: Basis of Presentation and Significant Accounting Policies
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant
activity of City of Hardin, Big Horn County, Montana. The information in this schedule is
presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards. Because the schedule presents only a selected portion of the operations of the City of
Hardin, it is not intended to and does not present the financial position, changes in net position, or
cash flows of the City of Hardin. Therefore, some amounts presented in this schedule may differ
from amounts presented in, or used in preparation of the basic financial statements.
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 as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City of Hardin has elected not to use the 10 percent de Minimis indirect cost rate as provided
in Sec. 200.414 Indirect Costs under Uniform Guidance.