Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Madison under programs of the federal government for the year ended December 31, 2024. The discretely presented component unit, which is separately audited, is excluded. The information in this 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 of Madison, it is not intended to and does not present the financial position, changes in financial position, or cash flows of the City of Madison.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance.
The City of Madison has not elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The City of Madison has the following loan balances outstanding from the U.S. Department of Agriculture Rural Development, Assistance Listing #10.760. See the Notes to the SEFA for chart/table