Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federalaward activity of City of Seadrift, Texas under programs of the federal government for the year endedSeptember 30, 2024. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operation of City of Seadrift, Texas, it isnot intended to be and does not present the financial position, changes in net assets, or cash flows of the City of Seadrift, Texas.
Expenditures reported on the Schedule are reported on the modified 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 City of Seadrift, Texas did not elect to use the 10% de Minimis indirect cost rate as allowed under the Uniform Guidance.
Of the $8,745,551 in federal expenditures listed on the Schedule, $104,940 were expended during the fiscal year ended 2023.