Notes to SEFA
The Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of Oxford, Mississippi and its blended component unit, Oxford Tourism Council, as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts in this schedule may differ from amounts presented in,or used in the preparation of , the basic financial statements.
Oxford Tourism Council is a legally separate entity, but it is reported as a blended component unit of the City due to the nature and significance of its relationship with the primary government. Accordingly, the federal expenditures of Oxford Tourism Council are included in the City's SEFA.
All federal awards expended by Oxford Tourism Council during the fiscal year have been included in this schedule and are subject to audit in accordance with the Uniform Guidance.
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 use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.