Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Park Board did not elect touse the 10-percent de minimis indirect cost rate as allowed by the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activities
of the Park Board, under programs of the federal government for the year ended September 30, 2023. The
information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal
Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Park
Board, it is not intended to, and does not, present the net position or changes in net position of the Park Board.
Therefore, amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation
of the basic financial statements.
Title: Summary of Significant Findings
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Park Board did not elect touse the 10-percent de minimis indirect cost rate as allowed by the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rates
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Park Board did not elect touse the 10-percent de minimis indirect cost rate as allowed by the Uniform Guidance.
The Park Board did not elect to use the 10-percent de minimis indirect cost rate as allowed by the Uniform
Guidance.
Title: Disaster Grants - Public Assistance (Presedentially Declared Disasters) (ALN 97.036)
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Park Board did not elect touse the 10-percent de minimis indirect cost rate as allowed by the Uniform Guidance.
After a presidentially declared disaster, FEMA provides Disaster Grants – Public Assistance (Presidentially
Declared Disasters) (ALN 97.036) to reimburse eligible costs associated with repair, replacement or restoration of
disaster-damaged facilities. The federal government makes reimbursements in the form of cost-shared grants that
require state matching funds. During the year ended September 30, 2023, included in the SEFA are $284,729 of
expenditures that were incurred by the Park Board in prior fiscal years.