Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures
are recognized following the cost principles contained in Uniform Guidance wherein certain types of
expenditures may or may not be allowable or may be 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.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award
activity of City of Kent (the City’s) under programs of the federal government for the year ended December
31, 2024. 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). 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 D - MATCHING REQUIREMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures
are recognized following the cost principles contained in Uniform Guidance wherein certain types of
expenditures may or may not be allowable or may be 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.
Certain Federal programs require the City to contribute non-Federal funds (matching funds) to support the
Federally-funded programs. The City has met its matching requirements. The Schedule does not include
the expenditure of non-Federal matching funds.
Title: NOTE E – REVOLVING LOAN FUND (RLF)
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures
are recognized following the cost principles contained in Uniform Guidance wherein certain types of
expenditures may or may not be allowable or may be 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.
Activity in the Economic Adjustment Assistance ALN 11.307 revolving loan fund during 2024: