Notes to SEFA
Title: 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards
(Schedule) are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Therefore, some of the amounts presented in the Schedule may
differ from amounts presented in or used in the preparation of the basic
financial statements. Because the Schedule presents only a select portion of
the operations of the City of Hermitage ("City"), it is not intended to and does
not present the net position, activities, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Expenditures reported on the schedule of expenditures of federal awards
(Schedule) are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Therefore, some of the amounts presented in the Schedule may
differ from amounts presented in or used in the preparation of the basic
financial statements. Because the Schedule presents only a select portion of
the operations of the City of Hermitage ("City"), it is not intended to and does
not present the net position, activities, or cash flows of the City.
Title: 2. BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards
(Schedule) are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Therefore, some of the amounts presented in the Schedule may
differ from amounts presented in or used in the preparation of the basic
financial statements. Because the Schedule presents only a select portion of
the operations of the City of Hermitage ("City"), it is not intended to and does
not present the net position, activities, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The accompanying Schedule includes the federal award activity of the City under
programs of the federal government for the year ended December 31, 2024. 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).
Title: 3. INDIRECT COST RATE
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards
(Schedule) are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Therefore, some of the amounts presented in the Schedule may
differ from amounts presented in or used in the preparation of the basic
financial statements. Because the Schedule presents only a select portion of
the operations of the City of Hermitage ("City"), it is not intended to and does
not present the net position, activities, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The City has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Title: 4. SUBRECIPIENT FUNDING
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards
(Schedule) are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Therefore, some of the amounts presented in the Schedule may
differ from amounts presented in or used in the preparation of the basic
financial statements. Because the Schedule presents only a select portion of
the operations of the City of Hermitage ("City"), it is not intended to and does
not present the net position, activities, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
There were no funds passed through to subrecipients from any of the federal
programs.