Audit 364464

Title: NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: The accounting policies and presentation of the Single Audit Report for the City of Fanning Springs Florida (The City). have been designed to conform to generally accepted accounting principles as applicable to voluntary health and welfare agencies, including the reporting and compliance requirements of the Audits of States, Local Governments, and Non-Profit Organizations and Office of Management and Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. De Minimis Rate Used: N Rate Explanation: Did not use The accounting policies and presentation of the Single Audit Report for the City of Fanning Springs Florida (The City). have been designed to conform to generally accepted accounting principles as applicable to voluntary health and welfare agencies, including the reporting and compliance requirements of the Audits of States, Local Governments, and Non-Profit Organizations and Office of Management and Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. A. Reporting Entity The reporting entity consists of the City of Fanning Springs. The city includes a schedule of expenditures of federal awards in the Single Audit and Compliance Section. 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 City had no subrecipients during the fiscal year. D. Indirect Cost Rate The Council did not elect to use the de minimis indirect cost rate the fiscal year ended September 30, 2024.