Notes to SEFA
Title: GENERAL
Accounting Policies: The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in Note 1, Summary of Significant Accounting Policies, to the City’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal awards programs of the City of Golden, Colorado (the City) for the year ended December 31, 2024. The City’s reporting entity is defined in Note 1, Summary of Significant Accounting Policies, to the City’s financial statements. Federal financial assistance received directly from federal agencies, as well as amounts passed through other governmental entities, is included in the Schedule. The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in Note 1, Summary of Significant Accounting Policies, to the City’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts reported in the accompanying Schedule agree with the amounts reported in the applicable federal financial reports, subject to timing differences related to cash receipts and expenditures.
Title: FEDERAL PROGRAMS
Accounting Policies: The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in Note 1, Summary of Significant Accounting Policies, to the City’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The City participates in numerous federal grant programs, which are governed by various rules and regulations of the grantor agencies. Costs charged to the respective grant programs are subject to audit and adjustment by the grantor agencies; therefore, to the extent the City has not complied with the rules and regulations governing the grants, refunds of any money received may be required.
Title: PROGRAM COSTS
Accounting Policies: The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in Note 1, Summary of Significant Accounting Policies, to the City’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts presented in the Schedule reflect only the federal share of program expenditures incurred during the year. Total program costs, which may include City matching contributions or other funding sources, are not included in this Schedule.