Notes to SEFA
Title: 5. Payments to Subrecipients
Accounting Policies: 2. Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the modified accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the Uniform Guidanceand Chapter 69I-5, Compliance Supplement, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: 3. Indirect Cost Rate The City has not elected to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
There were no payments made to subrecipients.
Title: 1. Basis of Presentation
Accounting Policies: 2. Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the modified accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the Uniform Guidanceand Chapter 69I-5, Compliance Supplement, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: 3. Indirect Cost Rate The City has not elected to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federalaward activity of the City of Rockledge, Florida (the City) under programs of the Federal governmentfor the fiscal year ended September 30, 2022. The information in this Schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (UniformGuidance) and Chapter 69I-5, Compliance Supplement. Because the Schedule presents only aselected portion of the operations of the City, it is not intended to and does not present the financialposition, changes in net position, or cashflows of the City.
Title: 4. Non-cash items received
Accounting Policies: 2. Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the modified accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the Uniform Guidanceand Chapter 69I-5, Compliance Supplement, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: 3. Indirect Cost Rate The City has not elected to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
The City did not receive any noncash items associated with any federal awards during the fiscal year ended September 30, 2022.
Title: 6. Contingency
Accounting Policies: 2. Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the modified accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the Uniform Guidanceand Chapter 69I-5, Compliance Supplement, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: 3. Indirect Cost Rate The City has not elected to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures aredisallowed by a grantor agency as a result of such an audit, any claim for reimbursement to thegrantor agencies would become a liability of the City. In the opinion of management, all grantexpenditures are in compliance with the terms of the grant agreements and applicable federal lawsand regulations.