Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either 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: The City of Clermont, Florida has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activity of the City of Clermont, Florida, under programs of the federal government 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. Because the Schedule presents only a selected portion of the
operations of the City of Clermont, Florida, it is not intended to and does not present the financial
position, changes in net assets, or cash flows of the City of Clermont, Florida.
Title: Sub-Recipients
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either 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: The City of Clermont, Florida has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
The City of Clermont, Florida had no sub-recipients of federal awards in the fiscal year ended
September 30, 2024.
Title: Noncash Awards
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either 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: The City of Clermont, Florida has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
The City of Clermont, Florida received no non-cash awards in the fiscal year ended September 30,
2024.