Notes to SEFA
Accounting Policies: This schedule is prepared on the cash basis of accounting. The City of Ronceverte uses the accrual basisof accounting for proprietary funds and the government wide statements, and modified accrual forgovernmental funds. The amounts shown as current year expenditures represent only the federal grant portion of the programcosts. Entire program costs, including the City of Ronceverte portion, are more than shown. Suchexpenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87,Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or arelimited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.