Notes to SEFA
Accounting Policies: 1.The Schedule is prepared from Municipalitys accounting records and presents only a selected portion of the operations of the Municipality, it is not intended to, and does not present, the financial position or changes in net position of the Municipality.2.The Municipality in accordance with the terms and conditions of the grants, records the financial transactions which are consistent with accounting principles generally accepted in the United States of America.3.Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.4.Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, except for the programs Section 8 Housing Choice Vouchers (HCV) and Disaster Grants- Public Assistance. Expenditures for HCV Program are equal to the ACC subsidy for the PHA fiscal period. Expenditures for Disaster Grants- Public Assistance are recognized in the period when; (a) FEMA has approved the PW and (b) eligible expenditures are incurred. 5.State or local government redistributions of federal awards to the Municipality, known as pass-through awards, should be treated by the Municipality as though they were received directly from the Federal government. The Uniform Guidance requires the Schedule to include the name of the pass-through entity and the identifying number assigned by the pass-through entity for the Federal awards received as a sub-recipient. Numbers identified as N/AV are not available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.