Notes to SEFA
Title: Note 1 Basis of Accounting
Accounting Policies: The supplementary schedule of expenditures of federal awards and state financial assistance includes the federal grant activity of the city. Expenditures are presented on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: No indirect cost allowed
The Schedule of Expenditures of Federal Awards and the Schedule of Expenditures of Federal and State Financial Assistance (SEFA) are prepared on the modified accrual or accrual basis of accounting, depending on the type of fund in which the grant is reported, in accordance with accounting principles generally accepted in the United States of America.
Title: Note 2 Reporting Entity
Accounting Policies: The supplementary schedule of expenditures of federal awards and state financial assistance includes the federal grant activity of the city. Expenditures are presented on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: No indirect cost allowed
For the purpose of the supplementary schedule of expenditures of federal awards and state financial assistance the County includes all the funds of the primary government as defined by GASB Statement No. 14, The Financial Reporting Entity.
Title: Note 3 Pass Through Awards
Accounting Policies: The supplementary schedule of expenditures of federal awards and state financial assistance includes the federal grant activity of the city. Expenditures are presented on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: No indirect cost allowed
The Board received certain federal awards from pass-through awards of the State of Florida. The total amount of such pass-through awards is included on the supplementary schedule of expenditures of federal awards and state financial assistance
Title: Note 4 Indirect Cost Rate
Accounting Policies: The supplementary schedule of expenditures of federal awards and state financial assistance includes the federal grant activity of the city. Expenditures are presented on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: No indirect cost allowed
The City did not elect to utilize the 10% de minimis indirect cost rate
Title: Note 5 Non Cash Awards
Accounting Policies: The supplementary schedule of expenditures of federal awards and state financial assistance includes the federal grant activity of the city. Expenditures are presented on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: No indirect cost allowed
The City did not receive non-cash federal awards during the year ended September 30, 2023
Title: Note 6 Contingencies
Accounting Policies: The supplementary schedule of expenditures of federal awards and state financial assistance includes the federal grant activity of the city. Expenditures are presented on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: No indirect cost allowed
Grant monies received and disbursed by the City are for specific purposes and are subject to review by the grantor agencies. Such audits may result in disallowed expenditures under the terms of the grants. Based upon prior experience, the City does not believe that such disallowances, if any, would be material