Notes to SEFA
Title: Note 1—Basis of presentation
Accounting Policies: Expenditures reported on the accompanying Schedule are reported on the modified accrual basis of accounting as defined in Note 1 of the City’s basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance.
The City did not utilize indirect cost rates for reimbursement of grant expenditures for the fiscal year ended September 30, 2024.
The accompanying Schedule of Expenditures of Federal Awards (“Schedule”) includes all federal grant activity of the City of Pinellas Park (the “City”).
The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). 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 4—Subrecipients
Accounting Policies: Expenditures reported on the accompanying Schedule are reported on the modified accrual basis of accounting as defined in Note 1 of the City’s basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance.
The City did not utilize indirect cost rates for reimbursement of grant expenditures for the fiscal year ended September 30, 2024.
The City did not transfer any grant awards to subrecipients.
Title: Note 5—Contingencies
Accounting Policies: Expenditures reported on the accompanying Schedule are reported on the modified accrual basis of accounting as defined in Note 1 of the City’s basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance.
The City did not utilize indirect cost rates for reimbursement of grant expenditures for the fiscal year ended September 30, 2024.
Grant monies received by the City are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon prior experience, the City does not believe that such disallowances, if any, would have a material effect on the financial position of the City. As of September 30, 2024, there was no material questioned or disallowed costs as a result of grant audits in process or completed of which management was aware. Any adjustments to grant funding are recorded in the year the adjustment occurs.