Notes to SEFA
Title: Note B - Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the District’s federal award programs presented on the accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the liability has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
There were no subrecipients for the fiscal year ending December 31, 2024.
Title: Note C - Other Information
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the District’s federal award programs presented on the accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the liability has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
The District did not receive any federal insurance or free rent, and had no federal loans or loan guarantees outstanding with continuing compliance requirements during the year ended December 31, 2024.
Title: Note E - Noncash Federal Awards
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the District’s federal award programs presented on the accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the liability has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
$585,560 of the Airport Improvement program (ALN# 20.106) expenses on the schedule of expenditures of federal awards are noncash contributions.