Notes to SEFA
The accompanying schedule of federal awards (the Schedule) included the federal award activity of the City of Norton under programs of the federal government of the year ended June 30, 2024. 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 City of Norton, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City of Norton.
Nonmonetary assistance is reported in the Schedule at the fair market value of the commodities received and disbursed.
No awards were passed through to subrecipients.
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 and/or OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain type of expenditures are not allowable or are limited as to reimbursement.
The City of Norton did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.