Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are generally on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, as well
as other applicable provisions of contracts and grant agreements, wherein certain types of
expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: The Town 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 (the “Schedule”) includes the federal
award activity of the Town of Davie, Florida (the “Town”). 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). 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 Town.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are generally on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, as well
as other applicable provisions of contracts and grant agreements, wherein certain types of
expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
Expenditures reported on the Schedule are generally on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, as well
as other applicable provisions of contracts and grant agreements, wherein certain types of
expenditures are not allowable or are limited as to reimbursement, as applicable.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are generally on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, as well
as other applicable provisions of contracts and grant agreements, wherein certain types of
expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
The Town did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
Title: Contingency
Accounting Policies: Expenditures reported on the Schedule are generally on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, as well
as other applicable provisions of contracts and grant agreements, wherein certain types of
expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
The grant and contract revenue received is subject to audit and adjustment. If any expenditures or
expenses are disallowed by the grantor agencies as a result of such an audit, any claim for
reimbursement to the grantor/contract agencies would become a liability of the Town. In the opinion
of management, all grant and contract expenditures are in compliance with the terms and conditions
of the grant agreements and applicable federal/state laws and other applicable regulations.