Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Municpal Corporation of Cape Charles, Virginia under programs of the federal government for the year ended June 30, 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 of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Municpal Corporation of Cape Charles, Virginia, it is not intended to be and does not present the financial position, changes in net position, or cash flows of the Municpal Corporation of Cape Charles, Virginia.
(1) 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.
Federal expenditures, revenues and capital contributions are reported in the Municpal Corporation of Cape Charles's basic financial Intergovernmental federal revenues per the basic financial statements: Primary government: General Fund $ 28,794 Special Revenue Fund 52,059 Capital Projects Fund 813,607 Total federal expenditures per basic financial statements $ 894,460 Total federal expenditures per the Schedule of Expenditures of Federal Awards $ 894,460
No awards were passed through to subrecipients.
The Municpal Corporation of Cape Charles did not elect to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The Municpal Corporation of Cape Charles has no loans or loan guarantees which are subject to reporting requirements for the current year.