Notes to SEFA
Title: NOTE 2 – CONTINGENCIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance includes federal and state activity of the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the Florida Single Audit Act, and Chapter 10.550, Rules of the Auditor General of the State of Florida. The grants reflect transactions for the fiscal year irrespective of the year of grant award and, accordingly, the Schedules do not include a full year’s activity for grants awarded or terminated on dates not coinciding with the aforementioned year.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10-percent de minimis indirect cost rate as is allowed under the Uniform Guidance.
The federal programs and state projects shown in the Schedule of Expenditures of Federal Awards and State Financial Assistance are subject to financial and compliance audits by grantor agencies, which, if instances of material noncompliance are found, may result in disallowable expenditures, and affect the Authority’s continued participation in specific programs. The amount, if any, of expenditures which may be disallowed by the grantor agencies cannot be determined at this time, although the Authority expects such amounts, if any, to be immaterial. The accompanying schedule of expenditures of federal awards and state financial assistance is reported on the accrual basis of accounting, under which revenues are recognized when earned and measurable and expenses are recognized when incurred.