Notes to SEFA
The accompanying Schedule of Expenditures of Federal and Awards (the “Schedule”) presents the federal award activity for the Village of Walpi for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Village of Walpi, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the general-purpose financial statements.
Basis of Accounting – Expenditures reported on the 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.
The Village of Walpi has elected to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance.
See Notes to SEFA for Table