Notes to SEFA
Basis of Presenation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of West Memphis, Arkansas, under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Adminstrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of te City of West Memphis, Arkansas, it is not intended to and does not preset the financial position, changes in net assets, or cash flows of the City of West Memphis, Arkansas.
Basis of Accounting: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recongnized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The City of West Memphis, Arkansas has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The City has evaluated events and transactions that occurred between December 31, 2023 and December 19, 2025, which is the date that the financial statement was avaliable to be issued, for possible recognition or disclosure in the financial statement.