Notes to SEFA
Title: Reporting Entity
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the modified accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America as applicable to governmental organizations.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
For reporting entity purposes, the Schedule of Expenditures of Federal Awards includes the federal grant activities of the primary government of the City of Leesburg, Florida (the "City").
Title: Contingencies
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the modified accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America as applicable to governmental organizations.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
Grant monies received 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 prior experience, the City does not believe such disallowances, if any, would have a material effect on the financial position of the City. As of September 30, 2024, there were no material questioned or disallowed costs as a result of grant audits in process or completed of which management was aware. Any adjustments as a result of grant findings are recorded in the year the adjustment occurs.