Notes to SEFA
Title: Deferred FEMA Expenditures
Accounting Policies: The accompanying schedule of federal awards and state financial assistance is prepared on the same basis of accounting as the City of South Daytona's financial statements except for FEMA awards see note 3. The City uses the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City of South Daytona has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
During the fiscal year ended September 30, 2023, the City incurred substantial costs related to Hurricane Ian. Per the OMB Compliance Supplement, any reimbursements from the Federal Emergency Management Agency (FEMA) under CFDA 97.036 are not to be recognized as expenditures for purposes of the Schedule of Federal Awards until the respective Project Worksheets (PW) have been obligated. During the year ended September 30, 2024, $2,056,543 of the City's PWs from Hurricane Irma had been obligated by FEMA and $258,659 waiting to beobligated by FEMA that will be recognized on future SEFA years.
Title: Subrecipients
Accounting Policies: The accompanying schedule of federal awards and state financial assistance is prepared on the same basis of accounting as the City of South Daytona's financial statements except for FEMA awards see note 3. The City uses the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City of South Daytona has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
During the fiscal year ended September 30, 2024, no amounts were passed through to subrecipients.