Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures are recognized on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City does charge indirect costs to federal awards.
The accompanying schedule of expenditures of federal awards (the Schedule) includes Federal award activity of the City of Belle Glade, Florida and 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). Because the Schedule presents only a selected portion of the operations of the City of Belle Glade, Florida it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Belle Glade, Florida. The City has no Federal Loan Programs.
Title: Contingency
Accounting Policies: Expenditures are recognized on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City does charge indirect costs to federal awards.
Amounts received or receivable from grantor agencies are subject to audit and adjustment by those agencies. Any disallowed claims, including amounts already received, might constitute a liability of the Authority for the return of those funds. In the opinion of management, all grant expenditures were in compliance with the terms of the grant agreements and applicable federal and state laws and regulations.