Notes to SEFA
Accounting Policies: The accompanying Schedule of Federal Financial Assistance (SEFA) has been prepared on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when the City has met the qualifications for the respective grants. Costs incurred in programs partially funded by federal grants
are applied against federal grant funds to the extent of revenue available when they properly apply to the
grant.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate during the year ended March 31, 2023.