Notes to SEFA
Title: NOTES
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) presentsthe expenditures activity of all federal awards of the Village of Palm Springs, Florida (theVillage) for the fiscal year ended September 30, 2022. The information in this Scheduleis presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations, Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents onlya selected portion of the operations of the Village, it is not intended to and does not presentthe financial position, changes in net position/fund balance or cash flows of the Village.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.NOTE 3 INDIRECT COST RATEThe Village has elected not to use the 10-percent de minimis indirect cost rate allowedunder the Uniform Guidance.