Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards and schedule of expenditures of state financial assistance are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and requirements of Chapter 10.650, Rules of the Auditor General, State of Florida, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Special Olympics Florida, Inc. (the "Organization") 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”). The accompanying schedule of expenditures of state financial assistance is presented in accordance with the requirements of Chapter 10.650, Rules of the Auditor General, State of Florida.
Because the schedules of expenditures of federal awards and state financial assistance present only a selected portion of the operations of the Organization, they are not intended to and do not present the financial position, results of operations, changes in net assets, or cash flows of the Organization.
Title: RECEIVABLE FROM GOVERNMENTAL AGENCIES
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards and schedule of expenditures of state financial assistance are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and requirements of Chapter 10.650, Rules of the Auditor General, State of Florida, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization submits requests for reimbursement to the U.S. Department of Education, the Florida Department of Education, and the Florida Department of Highway Safety and Motor Vehicles, as well as other agencies. At December 31, 2024, receivables of federal funds from the U.S. Department of Education, the Florida Agency for Persons with Disabilities, and other organizations totaled $108,318, $11,563, and $26,395, respectively
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards and schedule of expenditures of state financial assistance are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and requirements of Chapter 10.650, Rules of the Auditor General, State of Florida, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
There were no federal awards provided to subrecipients.