Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the grant activity of American Fork City (the City) under programs of the federal government for the year ended June 30, 2023. 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. Because the schedule presents only a selected portion of the operations of American Fork City it is not inteded to and does not present the financial position, changes in net position, or cash flows of American Fork City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis 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.
Title: Non-Cash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the grant activity of American Fork City (the City) under programs of the federal government for the year ended June 30, 2023. 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. Because the schedule presents only a selected portion of the operations of American Fork City it is not inteded to and does not present the financial position, changes in net position, or cash flows of American Fork City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis 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 grant activity of American Fork City (the City) under programs of the federal government for the year ended June 30, 2023. 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. Because the schedule presents only a selected portion of the operations of American Fork City it is not inteded to and does not present the financial position, changes in net position, or cash flows of American Fork City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate
The City does not have federally insured loans outstanding at year end.