Notes to SEFA
Title: Note A‐‐Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual 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.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (“SEFA”) includes the federal grant activity of
the City of Shepherdsville, Kentucky (the “City”) under programs of the federal government for the year ended
June 30, 2024. The information in this SEFA is presented in accordance with the requirements of Title 2 U.S.
Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in the SEFA differ
from amounts presented in, or used in the preparation, of the financial statements.
Title: Note B‐‐Summary of Significant Accounng Policies
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual 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.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the SEFA are reported on the accrual 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.
Title: Note C‐‐Indirect Cost Rate
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual 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.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The City has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.