Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Therefore, amounts reported on the
Schedule are based on expenditures incurred as of September 30, 2023, even if grant or loan was received subsequent to that date.
Federal and state expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 10.550,
Rules of the Auditor General wherein certain types of expenditures are not allowed or are limited as to reimbursement. Pass-through
entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect cost rate is dictated by its federal contract terms. The 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance is not in effect nor is available under its contracts.
The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal
and state grant award activity of the City of Clermont, Florida (the City) under programs and projects of the federal and state
government for the year ended September 30, 2023. 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 Awards (Uniform Guidance), and Section 215.97, Florida Statues. Because the Schedule presents only a
selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position
or cash flows of the City.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Therefore, amounts reported on the
Schedule are based on expenditures incurred as of September 30, 2023, even if grant or loan was received subsequent to that date.
Federal and state expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 10.550,
Rules of the Auditor General wherein certain types of expenditures are not allowed or are limited as to reimbursement. Pass-through
entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect cost rate is dictated by its federal contract terms. The 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance is not in effect nor is available under its contracts.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Therefore, amounts reported on the
Schedule are based on expenditures incurred as of September 30, 2023, even if grant or loan was received subsequent to that date.
Federal and state expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 10.550,
Rules of the Auditor General wherein certain types of expenditures are not allowed or are limited as to reimbursement. Pass-through
entity identifying numbers are presented where available.
Title: NOTE 3 - INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Therefore, amounts reported on the
Schedule are based on expenditures incurred as of September 30, 2023, even if grant or loan was received subsequent to that date.
Federal and state expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 10.550,
Rules of the Auditor General wherein certain types of expenditures are not allowed or are limited as to reimbursement. Pass-through
entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect cost rate is dictated by its federal contract terms. The 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance is not in effect nor is available under its contracts.
Indirect cost rate is dictated by its federal contract terms. The 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance is not in effect nor is available under its contracts.'