Notes to SEFA
Title: Description
Accounting Policies: The financial activity shown on the Schedule of Expenditures of Federal Awards reflects amounts recorded by the City during its fiscal year July 1, 2023 through June 30, 2024 and accordingly, does not include a full year’s financial activity for grants awarded or terminated on dates not coinciding with the City’s fiscal year. The City reports these on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
City of Forest Acres (the “City”) has adopted Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards were adopted to fulfill the financial and compliance audit requirements of federal grantor agencies. For purposes of implementing Uniform Guidance, federal grant and loan awards were made susceptible to audit and are included in the Schedule of Expenditures of Federal Awards.
Title: Basis for Determining Federal Awards Expended
Accounting Policies: The financial activity shown on the Schedule of Expenditures of Federal Awards reflects amounts recorded by the City during its fiscal year July 1, 2023 through June 30, 2024 and accordingly, does not include a full year’s financial activity for grants awarded or terminated on dates not coinciding with the City’s fiscal year. The City reports these on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The City expended a total of $2332,817 in federal awards from July 1, 2023 through June 30, 2024. Of this balance, $2,332,817 was expenditures related to the United States Department of Agriculture Grant for the GCM Park.