Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and
Chapter 10.550, Rules of the Florida Auditor General, as well as other applicable provisions of contracts and grant agreements, wherein certain types of expenditures are not allowable or are
limited as to reimbursements, as applicable.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the
Schedule) includes the federal and state grant activity of the City of Margate, Florida (the City).
The information in the 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 (Uniform Guidance) and Chapter 10.550, Rules of the
Florida Auditor General. Because the Schedule presents only a selected portion of the operations, it
is not intended to and does not present the financial position, changes in net position, or cash flows
of the City.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and
Chapter 10.550, Rules of the Florida Auditor General, as well as other applicable provisions of contracts and grant agreements, wherein certain types of expenditures are not allowable or are
limited as to reimbursements, as applicable.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, and
Chapter 10.550, Rules of the Florida Auditor General, as well as other applicable provisions of
contracts and grant agreements, wherein certain types of expenditures are not allowable or are
limited as to reimbursements, as applicable.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and
Chapter 10.550, Rules of the Florida Auditor General, as well as other applicable provisions of contracts and grant agreements, wherein certain types of expenditures are not allowable or are
limited as to reimbursements, as applicable.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
The City did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.