Notes to SEFA
THE SEFA INCLUDES THE FEDERAL GRANT ACTIVITY OF THE CITY OF RADCLIFF, KENTUCKY UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED JUNE 30, 2024 THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF 2CFR PART 200 UNIFORM ADMINISTRTIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS, SUBPART F - AUDIT REQUIREMENTS. THEREFORE SOME AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS IN OR USED IN THE PREPARATION OF FINANCIAL STATEMENTS.
EXPENDITURES REPORTED ON THE SEFA ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
THE CITY OF RADCLIFF, KENTUCKY HAS ELECTED NOT TO USE THE 10% DE MINIMIS COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.