Notes to SEFA
The accompanying Schedule of Expenditurs of Federal Awards (the "Schedule") includes the federal award activity of the Village of Indiantown, Florida (the "Village"). The information in the Schedule is presented in accordance with the requires of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Village, it is not intended and does not present the financial position, changes in net position/fund balance or cash flows of the Village
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 reimbursements.
The Village did not elect to use the 10% de minimis cost rate allowed under the Uniform Guidance.