Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditure of Federal Awards includes the federal award activity of the City of Great Falls, Montana (the City). The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The City’s reporting entity is defined in note 1 to the City’s financial statements. Federal awards received directly from federal agencies and passed through other government agencies are included in the Schedule. The accompanying Schedule of Expenditure of Federal Awards is presented using the accrual basis of accounting, which is described in note 1 to the City’s financial statements. All federal awards received, cash and noncash, are included, as well as all federal awards expended or consumed. Such expenditures are recognized following the cost principles contained in the Uniform Guidance from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles and OMB Circular A-87.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.