Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are
recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein
certain types of expenditures may or may not be allowable or may be limited as to reimbursement. The City
has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance
(changed to 15-percent effective October 1, 2024).
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award
activity of City of Twinsburg (the City) under programs of the federal government for the year ended
December 31, 2024. The information on this Schedule is prepared 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
or changes in net position of the City.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are
recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein
certain types of expenditures may or may not be allowable or may be limited as to reimbursement. The City
has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance
(changed to 15-percent effective October 1, 2024).
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are
recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein
certain types of expenditures may or may not be allowable or may be limited as to reimbursement. The City
has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance
(changed to 15-percent effective October 1, 2024).
Title: NOTE C – MATCHING REQUIREMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are
recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein
certain types of expenditures may or may not be allowable or may be limited as to reimbursement. The City
has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance
(changed to 15-percent effective October 1, 2024).
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Certain federal programs require the City to contribute Federal (matching funds) to support the Federallyfunded
programs. The City has met its matching requirements. The Schedule does not include the
expenditure of non-Federal matching funds.