Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Modified Cash Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: All costs were direct costs.
The accompanying schedule of expenditures of federal awards includes the federal activity of the City of Tecumseh under programs of the federal government for the year ended December 31, 2024. 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). Because the schedule presents only a selected portion of the operations of the City of Tecumseh, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Tecumseh.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Modified Cash Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: All costs were direct costs.
Expenditures reported in the schedule are reported on the modified cash basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Modified Cash Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: All costs were direct costs.
The City of Tecumseh has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.