Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the SEFA) includes the federal andstate grant activity of the City of Tavares (the City) under programs of the federal and state government for the year ended September 30, 2022. The information in this SEFA is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations (CFR) Part 200, Uniform Administrative Requirements for Federal Awards (Uniform Guidance) and Section 215.97,Florida Statues. Because the SEFA 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 SEFA are reported on the accrual basis of accounting. Therefore, amounts reported on the SEFA are based on expenditures incurred as of September 30, 2022, even if a grant or loan was received subsequent to that date. Federal 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.