Notes to SEFA
Basis of Presentation The accompanying schedule of expenditures of federal awards (“the Schedule”) includes the federal grant activity of City of Alamo, Texas. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts may differ from amounts presented in or used in the presentation of the basic financial statements. Summary of Significant Accounting Policies: Expenditures reported on the Schedule of Federal Awards are reported on the modified accrual basis of accounting. Grant Revenues are recognized as soon as all eligibility requirements imposed by the provider have been met. Revenues are available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2025, the City did not elect to use this rate.
During the fiscal year ended September 30, 2025, the City had no outstanding federal loans payable or loan guarantees.
During the fiscal year ended September 30, 2025, the City did not have any sub-recipients.
During the fiscal year ended September 30, 2025, the City did not receive any non-cash assistance.
During the fiscal year ended September 30, 2025, the City had no outstanding federally funded insurance.