Audit 353638

Accounting Policies: GENERAL The accompanying schedule of expenditures of federal awards and state financial assistance (the “schedule”) includes the federal and state grant activity of the Town of Miami Lakes for the fiscal year ended September 30, 2024. For purposes of this schedule, federal and state awards include federal and state assistance received directly from a federal and state agency, as well as federal and state funds received indirectly by the Town from state and non-state organizations. BASIS OF PRESENTATION 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) 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 of the Town. The expenditures in the accompanying schedule are presented using the modified accrual basis of accounting. Under the modified accrual basis of accounting, expenditures are recognized when the Town becomes obligated for a payment as a result of the receipt of the related goods or services. CONTINGENCY The grant revenues received by the Town are subject to review by grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. If any expenditures are disallowed by grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the Town. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations. De Minimis Rate Used: N Rate Explanation: The Town has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.