Title: Note 3: LOAN / LOAN GUARANTEE OUTSTANDING BALANCES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City of Bonifay, Florida (the “City”) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not represent the financial position of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year ended September 30, 2023, the City did not elect to use this rate.
The City did not have and loans or loan guarantee programs required to be reported on the schedule for the fiscal year ended September 30, 2023.
Title: Note 4: SUB-RECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City of Bonifay, Florida (the “City”) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not represent the financial position of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year ended September 30, 2023, the City did not elect to use this rate.
During the year ended September 30, 2023 the City had no sub-recipients.
Title: Note 5: NONCASH ASSISTANCE AND OTHER
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City of Bonifay, Florida (the “City”) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not represent the financial position of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year ended September 30, 2023, the City did not elect to use this rate.
The City did not receive any noncash assistance or federally funded insurance during the year ended September 30, 2023.
Title: Note 6: CONTINGENCIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City of Bonifay, Florida (the “City”) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not represent the financial position of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year ended September 30, 2023, the City did not elect to use this rate.
Grant monies received and disbursed by the City are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon prior experience, the City does not believe that such disallowance, if any, would have a material effect on the financial position of the City.
Title: Note 7: FEDERAL PASS-THROUGH FUNDS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City of Bonifay, Florida (the “City”) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not represent the financial position of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year ended September 30, 2023, the City did not elect to use this rate.
The City is also the sub-recipient of federal funds that have been subjected to testing and are reported as expenditures and listed as federal pass-through funds. State assistance other than those indicated as “pass-through” are considered direct.