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
September 30, 2024.
There were no payments to subrecipients related to federal awards noted during the year ended
September 30, 2024.
Title: Note C- Other Information
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
September 30, 2024.
The City did not receive any federal insurance or noncash assistance during the year ended
September 30, 2024.