Notes to SEFA
Title: NOTE A- BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE 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.
De Minimis Rate Used: N
Rate Explanation: THE CITY OF PLUMMER, IDAHO 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 INCLUDES THE FEDERAL AWARD ACTIVITY OF CITY OF PLUMMER, IDAHO AND IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. 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 THIS SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF THE CITY OF PLUMMER, IDAHO, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET POSITION, OR CASH FLOWS TO THE CITY OF PLUMMER, IDAHO.
Title: NOTE D- LOAN BALANCES
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE 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.
De Minimis Rate Used: N
Rate Explanation: THE CITY OF PLUMMER, IDAHO HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
LOANS OUTSTANDING AT THE BEGINNING OF THE YEAR AND LOANS MADE DURING THE YEAR ARE INCLUDED IN THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS. THE CITY HAD A LOAN BALANCE OUTSTANDING AT SEPTEMBER 30, 2024 OF $996,872 FROM THE PROGRAM RURAL ELECTRIFICATION LOANS AND LOAN GUARANTEES. THE LOAN BALANCE HAS CONTINUING COMPLIANCE REQUIREMENTS AND ARE ALSO INCLUDED IN THE FEDERAL EXPENDITURES PRESENTED IN THE SCHEDULE.