Notes to SEFA
Title: NOTE 4. MATCHING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes federal award activity of the City under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a select portion of the operations of the City, it is not intended to, and does not present, the financial position, changes in net assets, or cash flows of the City. The Schedule has been prepared on the accrual basis of accounting, which is the method of accounting used for the financial statements. Such expenditures are recognized following Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule present adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the optional 10 percent de minimis indirect cost rate allowed by Uniform Guidance.
The City has not expended matching contributions during the year ended June 30, 2022.
Title: NOTE 5. LOAN AND LOAN GUARANTEES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes federal award activity of the City under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a select portion of the operations of the City, it is not intended to, and does not present, the financial position, changes in net assets, or cash flows of the City. The Schedule has been prepared on the accrual basis of accounting, which is the method of accounting used for the financial statements. Such expenditures are recognized following Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule present adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the optional 10 percent de minimis indirect cost rate allowed by Uniform Guidance.
The City has no direct loan guarantees at June 30, 2022.