Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule)i ncludes the federal grant activity of City of Cortez (the City) under programs of the federal government for the year ended December 31, 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position of the City.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. The City elected to use the 10% de minimis indirect cost rate.
Subsequent events have been evaluated through November 30, 2025, which was the date the financial statements were available to be issued. The City has determined that there were no events or transactions that have occurred subsequent to December 31, 2024.