Notes to SEFA
Title: NOTE A
Accounting Policies: Accrual basis of accountingn (GAAP)
De Minimis Rate Used: N
Rate Explanation: Direct Cost
Basis of Presentation-The accompanying schedule of expenditures of federal awards(the Schedule) inclused the federal award activity of the City under programs of the federal government for the year ended June 30, 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 of Federa 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.
Title: NOTE B
Accounting Policies: Accrual basis of accountingn (GAAP)
De Minimis Rate Used: N
Rate Explanation: Direct Cost
Expenditures reported on the SEFA are reported on the 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.
Title: NOTE C
Accounting Policies: Accrual basis of accountingn (GAAP)
De Minimis Rate Used: N
Rate Explanation: Direct Cost
Indirect Cost Rate-The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.