Notes to SEFA
Title: Note 1-Purpose of the Schedule
Accounting Policies: Schedule is prepared using GAAP and GAS
De Minimis Rate Used: N
Rate Explanation: Generally, the City does not charge indirect costs to grants, and therefore,does not use the 10 percent de minimis indirect cost rate
The Schedule of Expenditures of Federal Awards (the Schedule) is a supplementrary schedule to the basic financial statements. The Schedule is required by the US Office of Management and Budget (OMB) Uniform Guidance.
Title: Note 2- Significan Accounting Policies
Accounting Policies: Schedule is prepared using GAAP and GAS
De Minimis Rate Used: N
Rate Explanation: Generally, the City does not charge indirect costs to grants, and therefore,does not use the 10 percent de minimis indirect cost rate
Basis of Accounting- The information in the Schedule is presented in accordance with Uniform Guidance. The Schedule is prepared using the same accounting policies and basis of accounting as the basic financial statements Major Programs- Uniform Guidance establishes the levels of expenditures or expenses and other criteria to be used in defining major federal financial assistance. The federal ward tested as a major program was Assistance Listing Number 14.218. Indirect costs- Generally,the City does not charge indirect costs to grants,and therefore,does not use the 10 percent de minimis indirect cost rate.
Title: Note 3- Loans
Accounting Policies: Schedule is prepared using GAAP and GAS
De Minimis Rate Used: N
Rate Explanation: Generally, the City does not charge indirect costs to grants, and therefore,does not use the 10 percent de minimis indirect cost rate
As of June 30,2023, the City held federally funded loan balances as follows " See the Notes to the SEFA Table"