Title: Note 1 - General
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 69I-5, Schedule of Expenditures of State Financial Assistance, Rules of the Department of Financial Services and Chapter 10.550, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis cost rate in 2024 as covered in 2 CFR 200.414.
The accounting policies and presentation of the accompanying schedule of expenditures of federal awards and state financial assistance of the City of DeFuniak Springs, Florida (the City) have been designed to conform with generally accepted accounting principles applicable to governmental units, including the reporting and compliance requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) (federal awards); and Chapter 10.550, Rules of the Auditor General of the State of Florida.
The City reporting entity is defined in Note 1 to the City’s basic financial statements for the year ended September 30, 2024. All federal awards and state financial assistance received directly from federal or state agencies, as well as federal wards and state financial assistance passed through other governmental agencies, are included in the schedule.
Title: Note 2 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 69I-5, Schedule of Expenditures of State Financial Assistance, Rules of the Department of Financial Services and Chapter 10.550, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis cost rate in 2024 as covered in 2 CFR 200.414.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) includes the federal and state grant activity of the City for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance and Chapter 69I-5, Schedule of Expenditures of State Financial Assistance, Rules of the Department of Financial Services and Chapter 10.550, Rules of the Auditor General. Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
Title: Note 3 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 69I-5, Schedule of Expenditures of State Financial Assistance, Rules of the Department of Financial Services and Chapter 10.550, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis cost rate in 2024 as covered in 2 CFR 200.414.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 69I-5, Schedule of Expenditures of State Financial Assistance, Rules of the Department of Financial Services and Chapter 10.550, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 4 – Indirect Costs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 69I-5, Schedule of Expenditures of State Financial Assistance, Rules of the Department of Financial Services and Chapter 10.550, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis cost rate in 2024 as covered in 2 CFR 200.414.
The City did not elect to use the 10% de minimis cost rate in 2024 as covered in 2 CFR 200.414.