Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity
of the City of Olean and is presented on the modified accrual basis of accounting. The information
in the 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). Therefore, some amounts presented in
the schedule may differ from amounts presented in, or used in the preparation of the basic
financial statements.
The basis of accounting varies by Federal program consistent with underlying regulations
pertaining to each program. The amounts reported as Federal expenditures generally were
obtained from the appropriate Federal financial reports for the applicable programs and periods.
The amounts reported in these Federal financial reports are prepared from records maintained
for each program, which are periodically reconciled with the City’s financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the 10% de minimum indirect cost rate allowed under the Uniform Guidance in the current year.