Notes to SEFA
Title: General
Accounting Policies: The financial statements of the City of Alachua, Florida (the City) have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) , as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial report principles.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate as covered in §200.414, Indirect (F&A) Costs, of the Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the activity of all federal awards of the City of Alachua, Florida (the City). The City reporting entity is defined in Note 1 to the City's basic financial statements for the year ended Septemner 30, 2024. All federal awards received directly from the federal agencies, as well as federal awards passed through other governmental agencies, are included in the schedule.
Title: Basis of Accounting
Accounting Policies: The financial statements of the City of Alachua, Florida (the City) have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) , as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial report principles.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate as covered in §200.414, Indirect (F&A) Costs, of the Uniform Guidance.
The accompanying schedule of expenditures of federal awards is presented using the same basis of accounting as the fund in which the grant is recorded, generally the accrual or modified accrual basis, as described in Note 1 to the City's financial statements.