Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: Expenditures are recognized on the modified accrual basis for governmental funds and the full accrual basis of accounting for proprietary funds. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
De Minimis Rate Used: N
Rate Explanation: The City of Live Oak, Florida did not elect to use the 10% de minimis indirect cost rate as covered in 200.414 of the Uniform Guidance.
The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of the City of Live Oak, Florida. Expenditures are recognized on the modified accrual basis for governmental funds and the full accrual basis of accounting for proprietary funds. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
Title: 2. Contingency
Accounting Policies: Expenditures are recognized on the modified accrual basis for governmental funds and the full accrual basis of accounting for proprietary funds. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
De Minimis Rate Used: N
Rate Explanation: The City of Live Oak, Florida did not elect to use the 10% de minimis indirect cost rate as covered in 200.414 of the Uniform Guidance.
Grant expenditures are subject to audit and adjustment. If any expenditure were to be disallowed by the grantor agency as the result of such an audit, any claim or reimbursement to the grantor agency would become a liability of the City. In the opinion of management, all project expenditures included on the accompanying schedule are in compliance with the terms of the project agreements and applicable.
Title: 3. Loans Outstanding
Accounting Policies: Expenditures are recognized on the modified accrual basis for governmental funds and the full accrual basis of accounting for proprietary funds. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
De Minimis Rate Used: N
Rate Explanation: The City of Live Oak, Florida did not elect to use the 10% de minimis indirect cost rate as covered in 200.414 of the Uniform Guidance.
The City of Live Oak, Florida had the following loan balance outstanding at September 30, 2023. There were no loan expenditures incurred during the year ended September 30, 2023.
Title: 4. De minimis indirect Cost rate election
Accounting Policies: Expenditures are recognized on the modified accrual basis for governmental funds and the full accrual basis of accounting for proprietary funds. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
De Minimis Rate Used: N
Rate Explanation: The City of Live Oak, Florida did not elect to use the 10% de minimis indirect cost rate as covered in 200.414 of the Uniform Guidance.
The City of Live Oak, Florida did not elect to use the 10% de minimis indirect cost rate as covered in 200.414, Indirect (F&A) costs, of the Uniform Guidance.