Notes to SEFA
Title: Note B - Subrecipients
Accounting Policies: The accompanying schedule of federal awards is a summary of the activity of the City’s federal
award programs presented on the modified accrual basis of accounting in accordance with
accounting principles generally accepted in the United States of America as promulgated by the
Governmental Accounting Standards Board (GASB). Accordingly, revenues are recognized
when the qualifying expenditure has been incurred and expenditures have been recognized when
the fund liability has been incurred.
De Minimis Rate Used: N
Rate Explanation: The City did not elect the federal 10% de minimis indirect cost rate for the year ended
December 31, 2024.
There were no payments to subrecipients related to federal awards noted during the year ended
December 31, 2024.
Title: Note C - Loans and Insurance
Accounting Policies: The accompanying schedule of federal awards is a summary of the activity of the City’s federal
award programs presented on the modified accrual basis of accounting in accordance with
accounting principles generally accepted in the United States of America as promulgated by the
Governmental Accounting Standards Board (GASB). Accordingly, revenues are recognized
when the qualifying expenditure has been incurred and expenditures have been recognized when
the fund liability has been incurred.
De Minimis Rate Used: N
Rate Explanation: The City did not elect the federal 10% de minimis indirect cost rate for the year ended
December 31, 2024.
There were no insurance, loans or loan guarantees related to federal awards reported in the
Schedule of Expenditures of Federal Awards at December 31, 2024.