Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the SEFA has been prepared on the accrual basis of accounting, the same basis of accounting the City uses to prepare the financial statements. Grant revenues are recorded for financial reporting purposes when the City has met the qualifications for the respective grants. Expenditures incurred in programs partially funded by federal grants are applied against federal grant funds to the extent of revenue available when they are properly applied to the grant. During the year 2024, the City received FEMA reimbursements for Hurricane IDA. These federal reimbursements under CFDA 97.036 relate to expenditures reported in a prior year(s) and not reflected on the SEFA for the year ended December 31, 2024
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal award activity of City under programs of the Federal government for the year ended December 31, 2024. The information in the SEFA 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). Grant terms are indicated in the Schedule of Expenditures of Federal Awards.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported in the SEFA has been prepared on the accrual basis of accounting, the same basis of accounting the City uses to prepare the financial statements. Grant revenues are recorded for financial reporting purposes when the City has met the qualifications for the respective grants. Expenditures incurred in programs partially funded by federal grants are applied against federal grant funds to the extent of revenue available when they are properly applied to the grant. During the year 2024, the City received FEMA reimbursements for Hurricane IDA. These federal reimbursements under CFDA 97.036 relate to expenditures reported in a prior year(s) and not reflected on the SEFA for the year ended December 31, 2024
De Minimis Rate Used: N
Rate Explanation: N/A
Expenditures reported in the SEFA has been prepared on the accrual basis of accounting, the same basis of accounting the City uses to prepare the financial statements. Grant revenues are recorded for financial reporting purposes when the City has met the qualifications for the respective grants. Expenditures incurred in programs partially funded by federal grants are applied against federal grant funds to the extent of revenue available when thay are properly applied to the grant. During the year 2024, the City received FEMA reimbursements for Hurricane Ida. These federal reimbursements under CFDA 97.036 relate to expenditures reported in a prior year(s) and not reflected on the SEFA for the year ended December 31, 2024.
Title: NOTE C - INDIRECT COST RATE
Accounting Policies: Expenditures reported in the SEFA has been prepared on the accrual basis of accounting, the same basis of accounting the City uses to prepare the financial statements. Grant revenues are recorded for financial reporting purposes when the City has met the qualifications for the respective grants. Expenditures incurred in programs partially funded by federal grants are applied against federal grant funds to the extent of revenue available when they are properly applied to the grant. During the year 2024, the City received FEMA reimbursements for Hurricane IDA. These federal reimbursements under CFDA 97.036 relate to expenditures reported in a prior year(s) and not reflected on the SEFA for the year ended December 31, 2024
De Minimis Rate Used: N
Rate Explanation: N/A
The City has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.