Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are generally on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and Chapter 10.550, Rules of the Florida Auditor General, as well as other applicable provisions of contracts and grant agreements, wherein certain types of expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the Town of Davie, Florida (the“Town”). The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are generally on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and Chapter 10.550, Rules of the Florida Auditor General, as well as other applicable provisions of contracts and grant agreements, wherein certain types of expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are generally on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and Chapter 10.550, Rules of the Florida Auditor General, as well as other applicable provisions of contracts and grant agreements, wherein certain types of expenditures are not allowable or are limited as to reimbursement, as applicable.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are generally on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and Chapter 10.550, Rules of the Florida Auditor General, as well as other applicable provisions of contracts and grant agreements, wherein certain types of expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Town did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 4 - Contingency
Accounting Policies: Expenditures reported on the Schedule are generally on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and Chapter 10.550, Rules of the Florida Auditor General, as well as other applicable provisions of contracts and grant agreements, wherein certain types of expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The grant and contract revenue received is subject to audit and adjustment. If any expenditures or expenses are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor/contract agencies would become a liability of the Town. In the opinion of management, all grant and contract expenditures are in compliance with the terms and conditions of the grant agreements and applicable federal/state laws and other applicable regulations.