Audit 355790

Accounting Policies: NOTE 1 BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards (the Schedule) include the federal award activities of the City of Del Mar, California (the City), under programs of the federal government, as well as federal financial assistance passed through other government agencies for the year ended June 30, 2024. The information in the Schedule of Expenditures of Federal Awards (SEFA) 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). Because the Schedule present only a selected portion of the operations of the City, they are not intended to, and do not, present the financial statements of the City. The City’s reporting entity is defined in Note 1 of the notes to the City’s financial statements. NOTE 2 BASIS OF ACCOUNTING The accompanying Schedule is presented using the modified accrual basis of accounting for governmental funds and the accrual basis for proprietary funds, which is described in the Note 1 of the notes to the City’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards. The information in the SEFA is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements. Pass through entity identifying numbers are identified where available. De Minimis Rate Used: N Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.