Notes to SEFA
Title: Reporting Entity
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal program activity of the City of Springtown, Texas and is presented on the accrual basis of accounting. 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 City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: There were no indirect costs allocated to federal awards.
The City of Springtown is a charter city in which the citizens elect the mayor at large and six council members by wards. The financial statements of the City of Springtown, Texas ("City") include all governmental activities, organizations, and functions of the City.
Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal program activity of the City of Springtown, Texas and is presented on the accrual basis of accounting. 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 City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: There were no indirect costs allocated to federal awards.
The accompanying schedule of expenditures of federal awards includes the federal program activity of the City of Springtown, Texas and is presented on the accrual basis of accounting. 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 City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
Title: Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal program activity of the City of Springtown, Texas and is presented on the accrual basis of accounting. 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 City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: There were no indirect costs allocated to federal awards.
The City has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. There were no indirect cost allocated to federal awards.