Notes to SEFA
Title: Note 3. Relationship to Federal Financial Reports
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the activity of all applicable federal awards of the City of West University Place, Texas (the City). The City’s reporting
entity is defined in Note 1 to the City’s basic financial statements. Federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included in
this schedule. The information on this schedule is prepared 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). Expenditures reported on the Schedule are presented on the modified accrual basis of accounting. This basis of accounting recognizes expenditures in the accounting period in which the liability is incurred, if measurable. Such expenditures are recognized following, as applicable, 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 has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Grant expenditure reports for the fiscal year ended December 31, 2024, which have been submitted to grantor agencies will, in some cases, differ slightly from amounts disclosed herein. The reports prepared
for grantor agencies are typically prepared at a later date and often reflect refined estimates of yearend accruals. The reports will agree at termination of the grant as the discrepancies noted are timing differences.