Audit 363605

Title: NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: The accounting policies and presentation of the Schedule of Expenditures of Federal Awards and State Financial Assistance of the Town of Mayo, Florida (the “Town”) have been designed to conform to generally accepted counting principles as applicable to governmental units, including the reporting and compliance requirements of the State of Florida. De Minimis Rate Used: N Rate Explanation: did not use The accounting policies and presentation of the Schedule of Expenditures of Federal Awards and State Financial Assistance of the Town of Mayo, Florida (the “Town”) have been designed to conform to generally accepted counting principles as applicable to governmental units, including the reporting and compliance requirements of the State of Florida. A. Reporting Entity This reporting entity consists of the Town of Mayo, Florida. The Town includes a Schedule of Expenditures of Federal Awards and State Financial Assistance in the Other Information Section for the purpose of additional analysis. B. Basis of Accounting The accrual basis of accounting is followed in the Schedule of Expenditures of Federal Awards. Under the accrual basis, revenues are recognized when they become earned. Expenses generally are recorded when a liability is incurred. C. Subrecipients The Town had no subrecipients during the fiscal year. D. Indirect Cost The Council did not elect to use the de minimis indirect cost rate the fiscal year ended September 30, 2024.