Notes to SEFA
Title: Note B - Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared in accordance
with accounting principles generally accepted in the United States of America as promulgated by
the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the
City’s federal award programs prepared on the accrual basis of accounting. Accordingly,
expenditures are recognized when the liability has been incurred and revenues are recognized
when the qualifying expenditure has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The City did elect to use the 10% federal de minimis indirect cost rate
There were no amounts passed to subrecipients during the year ended December 31, 2024.
Title: Note C - Other Information
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared in accordance
with accounting principles generally accepted in the United States of America as promulgated by
the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the
City’s federal award programs prepared on the accrual basis of accounting. Accordingly,
expenditures are recognized when the liability has been incurred and revenues are recognized
when the qualifying expenditure has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The City did elect to use the 10% federal de minimis indirect cost rate
The City did not receive any federal insurance or noncash assistance during the year ended December 31, 2024.
The City had no federal loans with continuing compliance requirements.