Notes to SEFA
Expenditures reported on the Schedule of Federal Awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Direct expenses are recorded based on actual expenses incurred that are allowable per the program requirements. The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule includes the federal award activity of the City of Lake Saint Louis, Missouri under programs of the federal government for the year ended June 30, 2025. 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, Costs Principals, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of City of Lake Saint Louis, Missouri, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City of Lake Saint Louis, Missouri.
There were no awards passed through to sub-recipients.