Title: Basis of Presentation
Accounting Policies: The schedule of expenditures of federal awards includes federal grant activity of Islamorada, Village of Islands, Florida (Village), and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Audits. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Village chose not to use the ten percent de minimis cost rate for the fiscal year ended September 30, 2023.
The schedule of expendituress of federal awards includes federal grant activity of Islamorada, Villge of Islands, Florida (Village), and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Fedral Regulations Part 200, Uniform Addministrative Requirements, Cost Principles, and Audit Requirements for Federal Audits. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
Title: De-Minimus Indirect Cost Rate
Accounting Policies: The schedule of expenditures of federal awards includes federal grant activity of Islamorada, Village of Islands, Florida (Village), and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Audits. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Village chose not to use the ten percent de minimis cost rate for the fiscal year ended September 30, 2023.
The Village chose not to use the ten percent de minimus cost rate for the fiscal year ended Septembeer 30, 2023.
Title: Subrecipients
Accounting Policies: The schedule of expenditures of federal awards includes federal grant activity of Islamorada, Village of Islands, Florida (Village), and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Audits. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Village chose not to use the ten percent de minimis cost rate for the fiscal year ended September 30, 2023.
The Village did not pass federal expenditures to subrecipients during the fiscal year ended September 30, 2023.
Title: State Revolving Fund Loans
Accounting Policies: The schedule of expenditures of federal awards includes federal grant activity of Islamorada, Village of Islands, Florida (Village), and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Audits. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Village chose not to use the ten percent de minimis cost rate for the fiscal year ended September 30, 2023.
The Village had the following State Revolving Fund loan balances outstanding at September 30, 2023. See the Notes to the SEFA for chart/table.