Notes to SEFA
Title: # 4 - RECONCILIATION OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO F.S.
Accounting Policies: NOTE # 1 AND 2: -- #1 The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Village of Sanford under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of the Village of Sanford, it is not intended to and does not present thefinancial position, changes in net position, or cash flows of the Village of Sanford.#2 - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown onthe Schedule represent adjustments or credits made in the normal course of business to amounts reportedas expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Reported in the Villages financial statements for the year ended June 30, 2022:General Fund, federal grants revenue ......................$ 848,048Revenue that relates to prior year expenditures .............(58,573) Amount on SEFA = $ 789,475-