Notes to SEFA
The Schedule of Expenditures Federal Awards and State Financial Assistance includes federal and state grant activity of City of Madeira Beach, Florida (the "City"). 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 Audits , and Section 215.97, Florida Statutes, Florida Single Audit Act. Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in Section 215, Florida Statutes, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The City chose not to use the allowable de minimis cost rate as allowed under the Uniform Guidance for the fiscal year ended September 30, 2025.
The City did not pass federal or state expenditures to subrecipients during the fiscal year ended September 30, 2025.
Project expenditures are subject to audit and adjustment. If any expenditures were to be disallowed by the grantor agency as a result of such an audit, any claim for reimbursement to the grantor agency would become a liability of the City. In the opinion of management, all project expenditures included on the accompanying schedule are in compliance with the terms of the project agreements and applicable state laws and regulations.
The City did have any non-cash awards during the fiscal year ended September 30, 2025.