Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City
of Cocoa Beach, Florida (the “City”) and is presented on the accrual basis of accounting. The information
in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore,
some amounts presented in this schedule may differ from amounts presented in, or used in preparation
of, the basic financial statements. Because the schedule presents only a selected portion of the
operations of the City, it is not intended to and does not represent the financial position of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year
ended September 30, 2024, the City did not elect to use this rate.
The accompanying schedule of expenditures of federal awards includes the federal spending of the City
of Cocoa Beach, Florida (the “City”) and is presented on the accrual basis of accounting. The information
in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore,
some amounts presented in this schedule may differ from amounts presented in, or used in preparation
of, the basic financial statements. Because the schedule presents only a selected portion of the
operations of the City, it is not intended to and does not represent the financial position of the City.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City
of Cocoa Beach, Florida (the “City”) and is presented on the accrual basis of accounting. The information
in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore,
some amounts presented in this schedule may differ from amounts presented in, or used in preparation
of, the basic financial statements. Because the schedule presents only a selected portion of the
operations of the City, it is not intended to and does not represent the financial position of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year
ended September 30, 2024, the City did not elect to use this rate.
The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year
ended September 30, 2024, the City did not elect to use this rate.
Title: LOAN / LOAN GUARANTEE OUTSTANDING BALANCES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City
of Cocoa Beach, Florida (the “City”) and is presented on the accrual basis of accounting. The information
in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore,
some amounts presented in this schedule may differ from amounts presented in, or used in preparation
of, the basic financial statements. Because the schedule presents only a selected portion of the
operations of the City, it is not intended to and does not represent the financial position of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year
ended September 30, 2024, the City did not elect to use this rate.
The City did not have any federal loans or loan guarantees outstanding during the year ended September
30, 2024.
Title: SUB-RECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City
of Cocoa Beach, Florida (the “City”) and is presented on the accrual basis of accounting. The information
in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore,
some amounts presented in this schedule may differ from amounts presented in, or used in preparation
of, the basic financial statements. Because the schedule presents only a selected portion of the
operations of the City, it is not intended to and does not represent the financial position of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year
ended September 30, 2024, the City did not elect to use this rate.
During the year ended September 30, 2024 the City had no sub-recipients.
Title: NONCASH ASSISTANCE AND OTHER
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City
of Cocoa Beach, Florida (the “City”) and is presented on the accrual basis of accounting. The information
in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore,
some amounts presented in this schedule may differ from amounts presented in, or used in preparation
of, the basic financial statements. Because the schedule presents only a selected portion of the
operations of the City, it is not intended to and does not represent the financial position of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year
ended September 30, 2024, the City did not elect to use this rate.
The City did not receive any noncash assistance or federally funded insurance during the year ended
September 30, 2024.
Title: CONTINGENCIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City
of Cocoa Beach, Florida (the “City”) and is presented on the accrual basis of accounting. The information
in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore,
some amounts presented in this schedule may differ from amounts presented in, or used in preparation
of, the basic financial statements. Because the schedule presents only a selected portion of the
operations of the City, it is not intended to and does not represent the financial position of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year
ended September 30, 2024, the City did not elect to use this rate.
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 requests for reimbursement due to disallowed
expenditures. Based upon experience, the City does not believe that such disallowance, if any, would
have a material effect on the financial position of the City.
Title: FEDERAL PASS-THROUGH FUNDS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal spending of the City
of Cocoa Beach, Florida (the “City”) and is presented on the accrual basis of accounting. The information
in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore,
some amounts presented in this schedule may differ from amounts presented in, or used in preparation
of, the basic financial statements. Because the schedule presents only a selected portion of the
operations of the City, it is not intended to and does not represent the financial position of the City.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year
ended September 30, 2024, the City did not elect to use this rate.
The City is also the sub-recipient of federal funds that have been subjected to testing and are reported as
expenditures and listed as federal pass-through funds. Federal awards other than those indicated as
pass-through are considered to be direct.