Notes to SEFA
The accompanying schedule of expenditures of federal awards presents the expenditure activity of all federal awards of the Town of Lake Park, Florida for the fiscal year ended September 30, 2024. The information in this Schedule is presented in accordance with the requriements of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operation of the Town, it is not indended to and does not present the financial position, changes in net position/fund balance or cash flow of the Town.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Town has elected not to use 10% de minimis indirect cost rate allowed under the Uniform Guidance