Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Town of San Felipe and is presented on the modified accrual basis of accounting. The information in the schedule is presented in accordance with requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ in amounts presented in, or used in the preparation of, the financial statements. Currently, the Town has elected not to use the 10% de Minimis cost rate.