Notes to SEFA
Title: NOTE 1
Accounting Policies: NOTE 1: BASIS OF PRESENTATION and NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
De Minimis Rate Used: Y
Rate Explanation: N/A
The accompanying schedule of expenditures of Federal awards (Schedule) includes the Federal award activity of the City of Osceola, Nebraska (City) under programs of the Federal government for the year ended September 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 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 or changes in net assets of the City. The City’s reporting entity is defined in Note 1 to the City’s financial statements. Federal awards received directly from Federal agencies, as well as those passed through other government agencies, are included in the Schedule. Unless otherwise noted on the Schedule, all programs are received directly from the respective Federal agency. The City has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 2
Accounting Policies: NOTE 1: BASIS OF PRESENTATION and NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
De Minimis Rate Used: Y
Rate Explanation: N/A
Expenditures reported on the Schedule are reported on the cash 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.