Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Organization did not use an indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Town
of Lantana and is presented on the accrual basis of accounting. The information in this schedule is presented
in accordance with the requirements of 2 CFR Part 200‐ Uniform Administrative Requirements, Cost
Principals, and Audit Requirements for Federal Awards. Therefore some amounts presented in this schedule
may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Organization did not use an indirect cost rate.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained within 2 CFR Part 200‐ Uniform
Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards, wherein certain
types of expenditures are not allowable or are limited as to reimbursement.