Notes to SEFA
Title: NOTE 1. BASIS OF PRESENTATION
Accounting Policies: The federal grant activity is presented on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were charged.
The accompanying schedule of Expenditures of Federal Awards includes the federal grant actvity of the City of Oakland Park, Florida and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 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 2. INDIRECT COST RATE
Accounting Policies: The federal grant activity is presented on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were charged.
The City has not elected to use the ten percent de minimus indirect cost rate.
Title: NOTE 3. LOAN BALANCES
Accounting Policies: The federal grant activity is presented on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were charged.
The City does not have any outstanding loan or loan guarantee balances at the end of the fiscal year.
Title: NOTE 4. SUB-RECIPIENTS
Accounting Policies: The federal grant activity is presented on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were charged.
No federal award amounts have been passed through to sub-recipients during the fiscal year.