Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance Projects is presented using the accrual basis of accounting Such expenditures are recognized following the cost principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The City did not receive any federal or state non‐cash assistance for the fiscal year ended September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de Minimis Indirect Cost Rate as outlined in the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance Projects (“Schedule”) presents the activity of all federal financial and state grant activity projects of the City of Treasure Island, Florida (the “City”) for the fiscal year ended September 30, 2024. Federal and state financial assistance received directly from federal and state agencies, and federal financial assistance passed through other governmental agencies are included on the schedules. 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) and Chapter 10.550, Rules of the Auditor General. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Contingencies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance Projects is presented using the accrual basis of accounting Such expenditures are recognized following the cost principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The City did not receive any federal or state non‐cash assistance for the fiscal year ended September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de Minimis Indirect Cost Rate as outlined in the Uniform Guidance.
Expenditures incurred by the City are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Management believes that if audited, any adjustment for disallowed expenditures would be immaterial in amount. As of September 30, 2024, management is not aware of any material questioned or disallowed expenditures as a result of grant audits in process or completed.
Title: ALN/CSFA Numbers
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance Projects is presented using the accrual basis of accounting Such expenditures are recognized following the cost principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The City did not receive any federal or state non‐cash assistance for the fiscal year ended September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de Minimis Indirect Cost Rate as outlined in the Uniform Guidance.
ALN numbers represent Assistance Living Numbers and apply only to federal awards. CSFA numbers represent Catalog of State Financial Assistance and apply only to state financial assistance.
Title: Disaster Grants
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance Projects is presented using the accrual basis of accounting Such expenditures are recognized following the cost principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The City did not receive any federal or state non‐cash assistance for the fiscal year ended September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de Minimis Indirect Cost Rate as outlined in the Uniform Guidance.
Disaster Grants – Public Assistance (Presidentially Declared Disaster) (ALN 97.036): After a Presidentially Declared Disaster, the Federal Emergency Management Agency (FEMA) provides a Public Assistance Grant to reimburse eligible costs associated with emergency response, debris removal, and eligible costs associated with repair, replacement, or restoration of disasterdamaged facilities. The Federal Government reimburses in the form of cost-shared grants. During fiscal year 2024, FEMA approved $104,279 of eligible expenditures that were incurred in prior years and included in the Schedule.