Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of the City of Three Forks, Montana (the “City”) under programs of the federal government for the year ended June 30, 2025 and is presented on the accrual basis of accounting. The information in the 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, changes in net position, or cash flows of the City.
The City has elected not to us the 10% de minimis indirect cost rate described in the Uniform Guidance.