Notes to SEFA
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award
activity of the County under programs of the federal government for the year ended October 31, 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,
changes in net assets, or cash flows of the City.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNT POLICIES
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting for the
governmental fund types and the accrual basis of accounting for the proprietary fund types. 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.
NOTE 3 – INDIRECT COST RATE
The City chose not to use the 15% de minimis indirect cost rate for the year ended October 31, 2024.
NOTE 4 – NONCASH AWARDS AND LOANS
There were no federal awards expended in the form of noncash assistance during the fiscal year. There
were also no loans or loan guarantees outstanding at year end.
De Minimis Rate Used: Y
Rate Explanation: NOTE 3 – INDIRECT COST RATE
The City chose not to use the 15% de minimis indirect cost rate for the year ended October 31, 2024.