Notes to SEFA
Title: Contingencies
Accounting Policies: 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 Audits. Some amounts in this schedule may differ from amounts presented in, or used in the presentation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.
Grant monies received and distributed by the City are for specific purposes and are subject to review by the grantor agencies. Such agencies may result in requests for reimbursement due to disallowed expenditures. Based on prior experience, the City does not believe that such allowances, if any, would have a material effect on the financial statements of the City. As of March 16, 2023 there were no material questioned or disallowed costs as a result of grant audits in process or completed.