Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained within 2 CFR Part 200‐ Uniform
Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards and Chapter
10.550, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as
to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town did not use any other cost rate.
includes the federal and state grant activity of the Town of Lantana 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 Principals, and Audit Requirements for Federal Awards and
Chapter 10.550, Rules of the Auditor General. Therefore some amounts presented in this schedule may differ
from amounts presented in, or used in the preparation of, the basic financial statements.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained within 2 CFR Part 200‐ Uniform
Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards and Chapter
10.550, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as
to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town did not use any other cost rate.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained within 2 CFR Part 200‐ Uniform
Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards and Chapter
10.550, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as
to reimbursement.