Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of
Callaway, Florida (the “City”), and is presented on the modified accrual basis of accounting.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used
in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City chose not to use the 10% de minimis cost rate for the year ended September 30, 2024.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of
Callaway, Florida (the “City”), and is presented on the modified accrual basis of accounting.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used
in the preparation of, the basic financial statements.
Title: DE MINIMIS INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of
Callaway, Florida (the “City”), and is presented on the modified accrual basis of accounting.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used
in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City chose not to use the 10% de minimis cost rate for the year ended September 30, 2024.
The City chose not to use the 10% de minimis cost rate for the year ended September 30, 2024.
Title: NON-CASH AWARDS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of
Callaway, Florida (the “City”), and is presented on the modified accrual basis of accounting.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used
in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City chose not to use the 10% de minimis cost rate for the year ended September 30, 2024.
The City did not receive non-cash federal awards during the year ended September 30, 2024.
Title: CONTINGENCIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of
Callaway, Florida (the “City”), and is presented on the modified accrual basis of accounting.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used
in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City chose not to use the 10% de minimis cost rate for the year ended September 30, 2024.
Grant monies received and disbursed by the City are for specific purposes and are subject to review by the grantor
agencies. Such audits may result in disallowed expenditures under the terms of the grants. Based upon prior
experience, the City does not believe that such disallowances, if any, would be material.