Notes to SEFA
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (SEFA) includes thefederal award activity of the City under programs of the federal government for the yearended June 30, 2022. The information in this SEFA is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the SEFA presents only a selected portion of theoperations of City, it is not intended to and does not present the financial position,changes in net assets, or cash flows of the City.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the SEFA are reported on the modified accrual basis ofaccounting. Such expenditures are recognized following, as applicable, either the costprinciples contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement. The City has elected not to use the10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C SUBRECIPIENTSDuring the year end June 30, 2022, the City did not provide federal awards tosubrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.