Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on accounting principles generally accepted in the United States of America. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, local, and Indian Tribal Governments wherein certain types of expenditures are
not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: City of Farmington, Missouri, has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance. Nor did the City have any agencies that it passed through any portions of grants.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity of the City of
Farmington, Missouri, 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 City of Farmington. Missouri, it is not intended
to and does not present the financial position, changes in net position, or cash flows of City of Farmington, Missouri.