Notes to SEFA
Title: NOTE 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Not needed
The accompanying schedule of expenditures of federal awards and state financial assistance (the
“Schedule”) includes the federal and state award activity of City of Palm Bay, Florida under programs of
the federal and state governments for the year ended September 30, 2024. 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
Awards (Uniform Guidance) and Chapter 10.550, Rules of the Auditor General. Because the Schedule
presents only a selected portion of the operations of City of Palm Bay, Florida, it is not intended to and
does not present the financial position, changes in net position/fund balance, or cash flows of City of
Palm Bay, Florida.
Title: NOTE 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Not needed
Expenditures reported on the Schedule are reported on the modified accrual basis basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Not needed
City of Palm Bay, Florida has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.