Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: NOTE A - BASIS OF PRESENTATION; NOTE B - CONTINGENCIES
De Minimis Rate Used: N
Rate Explanation: THE CITY DOES NOT CHARGE INDIRECT COSTS TO GRANTS.
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 AUDITS AND THE FLORIDA STATE SINGLE AUDIT ACT AND RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA, CHAPTER 10.550. SOME AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS PRESENTED IN, OR USED IN THE PRESENTATION OF, THE BASIC FINANCIAL STATEMENTS. THE CITY ELECTED NOT TO USE THE 10 PERCENT DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
Title: CONTINGENCIES
Accounting Policies: NOTE A - BASIS OF PRESENTATION; NOTE B - CONTINGENCIES
De Minimis Rate Used: N
Rate Explanation: THE CITY DOES NOT CHARGE INDIRECT COSTS TO GRANTS.
GRANT MONIES RECEIVED AND DISTRIBUTED BY THE CITY ARE FOR SPECIFIC PURPOSES AND ARE SUBJECT TO REVIEW BY THE GRANTOR AGENCIES. SUCH AGENCIES MAY RESULT IN REQUESTS FOR REIMBURSEMENT DUE TO DISALLOWED EXPENDITURES. BASED ON PRIOR EXPERIENCE, THE CITY DOES NOT BELIEVE THAT SUCH ALLOWANCES, IF ANY, WOULD HAVE A MATERIAL EFFECT ON THE FINANCIAL STATEMENTS OF THE CITY. AS OF MARCH 28, 2025 THERE WERE NO MATERIAL QUESTIONED OR DISALLOWED COSTS AS A RESULT OF GRANT AUDITS IN PROCESS OR COMPLETED.