Notes to SEFA
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), Section 215.97, Florida Statutes, and Chapter 10.550, Rules of the Auditor General. Because the Schedule presents only a selected portion of the operations of Gateway Services Community Development District, it is not intended to and does not present the financial position, changes in net position, or cash flows of Gateway Services Community Development District.
Expenditures reported on the Schedule are reported using the modified accrual basis of accounting. The modified accrual basis of accounting recognizes revenues when they become measurable and available as net current assets and expenditures are recognized when the related fund liability is incurred. Gateway Services Community Development District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Gateway Services Community Development District has provided no federal awards or state projects to subrecipients.
Amounts received, or receivable, from grantor agencies are subject to audit and adjustment by grantor agencies. If any expenditures are disallowed as a result of these audits, the claims for reimbursement to the grantor agency would become a liability of the District. In the opinion of Management, any such adjustment would not be significant.