Title: NOTE 1 - GENERAL
Accounting Policies: The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 220, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards Subpart F, Chapter 69I.5, Schedule of Expenditures of State Financial Assistance, Rules of the Florida Department of Financial Services; and Chapter 10.550, Rules of the Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements of the City.
The expenditures in the accounting schedule of expenditures of federal and state financial assistance are presented using the same basis of accounting as the fund in which the grant is recorded, generally the accrual or modified accrual basis, as described in Note 1 to the City's financial statements.
De Minimis Rate Used: N
Rate Explanation: The City currently does not have a negotiated indirect cost rate for federal awards received.
The accompanying schedule of expenditures of federal awards and state financial assistance included herein represents the activities of all federal and state financial grant activity of the City of Green Cove Springs, Florida (the City).
Federal awards and state financial assistance received directly, as well as passed through to other government agencies, if any, are included in the schedule. For the year ended September 30, 2024, the City had no subrecipients and therefore did not pass any federal awards or state financial assistance through to other government agencies.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 220, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards Subpart F, Chapter 69I.5, Schedule of Expenditures of State Financial Assistance, Rules of the Florida Department of Financial Services; and Chapter 10.550, Rules of the Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements of the City.
The expenditures in the accounting schedule of expenditures of federal and state financial assistance are presented using the same basis of accounting as the fund in which the grant is recorded, generally the accrual or modified accrual basis, as described in Note 1 to the City's financial statements.
De Minimis Rate Used: N
Rate Explanation: The City currently does not have a negotiated indirect cost rate for federal awards received.
Basis of Presentation - The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 220, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards Subpart F, Chapter 69I.5, Schedule of Expenditures of State Financial Assistance, Rules of the Florida Department of Financial Services; and Chapter 10.550, Rules of the Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements of the City.
Basis of Accounting - The expenditures in the accounting schedule of expenditures of federal and state financial assistance are presented using the same basis of accounting as the fund in which the grant is recorded, generally the accrual or modified accrual basis, as described in Note 1 to the City's financial statements.
Title: NOTE 3 - INDIRECT COST
Accounting Policies: The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 220, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards Subpart F, Chapter 69I.5, Schedule of Expenditures of State Financial Assistance, Rules of the Florida Department of Financial Services; and Chapter 10.550, Rules of the Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements of the City.
The expenditures in the accounting schedule of expenditures of federal and state financial assistance are presented using the same basis of accounting as the fund in which the grant is recorded, generally the accrual or modified accrual basis, as described in Note 1 to the City's financial statements.
De Minimis Rate Used: N
Rate Explanation: The City currently does not have a negotiated indirect cost rate for federal awards received.
The City currently does not have a negotiated indirect cost rate for federal awards received. The City has also elected not to charge the de minimis indirect cost rate of 10% allowed by §200.141, Indirect (F&A) costs, of the Uniform Guidance, to all federal awards.
Title: NOTE 4 - CONTINGENCIES
Accounting Policies: The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 220, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards Subpart F, Chapter 69I.5, Schedule of Expenditures of State Financial Assistance, Rules of the Florida Department of Financial Services; and Chapter 10.550, Rules of the Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements of the City.
The expenditures in the accounting schedule of expenditures of federal and state financial assistance are presented using the same basis of accounting as the fund in which the grant is recorded, generally the accrual or modified accrual basis, as described in Note 1 to the City's financial statements.
De Minimis Rate Used: N
Rate Explanation: The City currently does not have a negotiated indirect cost rate for federal awards received.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures or expenses are disallowed by the grantor agencies because of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the City. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal and state laws and regulations. Grant monies received and disbursed by the City are for specific purposes and are subject to review by the grantor agencies. Such reviews potentially may result in disallowed expenditures.
Title: NOTE 5 - NON-CASH CONTRIBUTIONS
Accounting Policies: The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 220, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards Subpart F, Chapter 69I.5, Schedule of Expenditures of State Financial Assistance, Rules of the Florida Department of Financial Services; and Chapter 10.550, Rules of the Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements of the City.
The expenditures in the accounting schedule of expenditures of federal and state financial assistance are presented using the same basis of accounting as the fund in which the grant is recorded, generally the accrual or modified accrual basis, as described in Note 1 to the City's financial statements.
De Minimis Rate Used: N
Rate Explanation: The City currently does not have a negotiated indirect cost rate for federal awards received.
The City did not receive any federal or state non-cash assistance, including personal protection equipment for the fiscal year ended September 30, 2024.