Title: Note 1 Basis of Presentation
Accounting Policies: Basis of Presentation - the schedule of expenditurs of federal awards and state financial assistance includes federal and state grant activity of Islamorada, Village of Islands, Florida (Village), and is presented on the accrual basis of accouting. 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 (Uniform Guidance) and the Florida State Single Audit Act and Rules of the Auditor General of the State of Florida, Chapter 10.550. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements. De-Minimus Indirect Cost Rate - the Village chose not to use the ten percent de minimis cost rate for the fiscal year ended September 30, 2024. Subrecipients - the Village did not pass federal expenditures to subrecipients during the fiscal year ended September 30, 2024. State Revolving Fund Loans - the Village had the following State Revolving Fund Loan balances outstanding at September 30, 2024 SRF 66.458 WW 882020 $48,430,432 and WW882030 $954,378.
De Minimis Rate Used: N
Rate Explanation: N/A
The schedule of expenditures of federal awards and state financial assistance includes federal and state grant activity of Islamorada, Village of Islands, Florida and is presented on the accrual basis of accounting. 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 (Uniform Guidance) and the Florida state Single Audit Act and Rules of the Auditor General of the State of Florida, Chapter 10.550. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
Title: Note 2 De-Minimus Indirect Cost Rate
Accounting Policies: Basis of Presentation - the schedule of expenditurs of federal awards and state financial assistance includes federal and state grant activity of Islamorada, Village of Islands, Florida (Village), and is presented on the accrual basis of accouting. 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 (Uniform Guidance) and the Florida State Single Audit Act and Rules of the Auditor General of the State of Florida, Chapter 10.550. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements. De-Minimus Indirect Cost Rate - the Village chose not to use the ten percent de minimis cost rate for the fiscal year ended September 30, 2024. Subrecipients - the Village did not pass federal expenditures to subrecipients during the fiscal year ended September 30, 2024. State Revolving Fund Loans - the Village had the following State Revolving Fund Loan balances outstanding at September 30, 2024 SRF 66.458 WW 882020 $48,430,432 and WW882030 $954,378.
De Minimis Rate Used: N
Rate Explanation: N/A
The Village chose not to use the ten percent de minimis cost rate for the fiscal year ended September 30, 2024.
Title: Note 3 Subrecipients
Accounting Policies: Basis of Presentation - the schedule of expenditurs of federal awards and state financial assistance includes federal and state grant activity of Islamorada, Village of Islands, Florida (Village), and is presented on the accrual basis of accouting. 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 (Uniform Guidance) and the Florida State Single Audit Act and Rules of the Auditor General of the State of Florida, Chapter 10.550. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements. De-Minimus Indirect Cost Rate - the Village chose not to use the ten percent de minimis cost rate for the fiscal year ended September 30, 2024. Subrecipients - the Village did not pass federal expenditures to subrecipients during the fiscal year ended September 30, 2024. State Revolving Fund Loans - the Village had the following State Revolving Fund Loan balances outstanding at September 30, 2024 SRF 66.458 WW 882020 $48,430,432 and WW882030 $954,378.
De Minimis Rate Used: N
Rate Explanation: N/A
The Village did not pass federal expenditures to subrecipients during the fiscal year ended September 30, 2024.
Title: Note 4 State Revolving Fund Loans
Accounting Policies: Basis of Presentation - the schedule of expenditurs of federal awards and state financial assistance includes federal and state grant activity of Islamorada, Village of Islands, Florida (Village), and is presented on the accrual basis of accouting. 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 (Uniform Guidance) and the Florida State Single Audit Act and Rules of the Auditor General of the State of Florida, Chapter 10.550. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements. De-Minimus Indirect Cost Rate - the Village chose not to use the ten percent de minimis cost rate for the fiscal year ended September 30, 2024. Subrecipients - the Village did not pass federal expenditures to subrecipients during the fiscal year ended September 30, 2024. State Revolving Fund Loans - the Village had the following State Revolving Fund Loan balances outstanding at September 30, 2024 SRF 66.458 WW 882020 $48,430,432 and WW882030 $954,378.
De Minimis Rate Used: N
Rate Explanation: N/A
The Village had the following State Revolving Fund loan balances outstanding at September 30, 2024: SRF Loan 66.458 WW882020 $48,430,432 and WW882030 $954,378.