Notes to SEFA
Accounting Policies: NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES1. GeneralThe accompanying schedule of expenditures of federal awards (the Schedule)presents the activity of all federal financial assistance programs of City of Blair,Nebraska (the City). The Citys reporting entity is defined in note A to the Citysfinancial statements. Federal financial assistance received directly from federalagencies, as well as passed through other governmental agencies, is included onthe Schedule.The accompanying schedule presents total expenditures for each federal awardprogram in accordance with U.S. Office of Management and Budget (OMB) Title2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Federal program titles are reported as presented in theCatalog of Federal Domestic Assistance (CFDA) whenever possible.2. Basis of AccountingThe Schedule is prepared on the accrual basis of accounting.3. De Minimis Indirect Cost RateThe City has elected not to charge the 10% de minimis indirect cost rate to itsfederal award programs.NOTE B. CONTINGENCIESThe City receives funds under various federal grant programs, and such awards are to beexpended in accordance with the provisions of the various grants. Compliance with thegrants is subject to audit by various government agencies, which may impose sanctions inthe event of noncompliance. Management believes that is has complied with all aspectsof the various grant provisions and the results of adjustments, if any, relating to suchaudits would not have any material financial impact.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to charge the 10% de minimis indirect cost rate to its federal award programs.