Audit 361672

Accounting Policies: NOTE 1. BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards (“SEFA”) includes the federal award activity of the City of Garden City, Georgia (the “City”) under programs of the federal government for the year ended December 31, 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, and Audit Requirements for Federal Awards (“Uniform Guidance”). Because the SEFA presents only a selected portion of the operations of the City, it is not intended to and does not present the net position, changes in net position, or cash flows of the City. NOTE 2. SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. NOTE 3. INDIRECT COST RATE The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. NOTE 4. NON-CASH ASSISTANCE No federal awards were expended in the form of non-cash assistance during the fiscal year ended December 31, 2024. NOTE 5. SUBRECIPIENTS The City did not pass funding through to subrecipients during the fiscal year ended December 31, 2024. De Minimis Rate Used: N Rate Explanation: During FY24, the City did not use the de-minimis indirect cost rate.