Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the grand activity of Santaquin City (the City) under programs of federal governemnt 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The City reporting entity is defined in Note 1 to the basic financial statements. All federal awards received directly from federal agencies as well as federal awards passed-through other government agencies are included on the schedule of expenditures of federal awards. Because the schedule presents only a selected portion of the operations of Santaquin City it is not inteded to and does not present the financial position, changes in net position, or cash flows of Santaquin City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimus indirect cost rate.
The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting for expenditures in governmental fund types and on the accrual basis for expenses in proprietary fund types, which is described in Note 1 to the basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherin ceratin types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
Title: Non-Cash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the grand activity of Santaquin City (the City) under programs of federal governemnt 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The City reporting entity is defined in Note 1 to the basic financial statements. All federal awards received directly from federal agencies as well as federal awards passed-through other government agencies are included on the schedule of expenditures of federal awards. Because the schedule presents only a selected portion of the operations of Santaquin City it is not inteded to and does not present the financial position, changes in net position, or cash flows of Santaquin City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimus indirect cost rate.
The City did not receive any non-cash assistance
Title: Loans Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the grand activity of Santaquin City (the City) under programs of federal governemnt 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The City reporting entity is defined in Note 1 to the basic financial statements. All federal awards received directly from federal agencies as well as federal awards passed-through other government agencies are included on the schedule of expenditures of federal awards. Because the schedule presents only a selected portion of the operations of Santaquin City it is not inteded to and does not present the financial position, changes in net position, or cash flows of Santaquin City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimus indirect cost rate.
The City has no federal loans outstanding through as of June 30, 2023.