Notes to SEFA
The Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of Verona, Mississippi, as required by the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts in the schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The City has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Of the total federal expenditures reported on this Schedule for the year ended September 30, 2025, $485,459 relates to amounts that were recognized as revenue in prior fiscal years. These expenditures were funded from federal awards received and deferred in those prior years and expended in the current year.