Notes to SEFA
Title: Contingency
Accounting Policies: The schedule of expenditures of federal awards and state financial assistance is prepared on theaccrual basis of accounting. The information in the schedule of expenditures of federal awards andstate financial assistance is presented in accordance with the Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance).Because the schedule of expenditures of federal awards and state financial assistance presents onlya selected portion of the Citys operations, they are not intended to and do not present the financialposition, changes in net position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the City. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal and state laws and regulations.