Notes to SEFA
Accounting Policies: Note A: Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on using the modified cash basis of accounting.Some amounts presented in the schedule may differ from amounts presented in, or used in thepreparation of the basic financial statements. Such expenditures are recognized following the costprinciples contained in the Uniform Guidance, where certain types of expenditures are not allowableor are limited as to reimbursement. Nonmonetary assistance is reported in the schedule at the fairmarket value.The City has not been notified of any noncompliance with federal award requirements. Any liabilityfor reimbursement which may arise as a result of these audits cannot be reasonably determined atthis time, although it is believed the amount, if any, would not be material.Note B: Indirect Cost RateThe City of Comanche, Oklahoma has elected not to use the 10% de minimis indirect cost rateallowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.