Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement, except for the Equitable Sharing Programs for Justice andTreasury which follow the Guide to Equitable Sharing for State, Local and Tribal Law Enforcement Agencies. Passthroughentity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Village of Pinecrest, Florida (the Village) under programs of the federal government for the fiscal year ended September 30, 2022. 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Village, it is not intended to and does not present the financial position, changes in net position or cash flows of the Village.
Title: Note 4 - Contingency
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement, except for the Equitable Sharing Programs for Justice andTreasury which follow the Guide to Equitable Sharing for State, Local and Tribal Law Enforcement Agencies. Passthroughentity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed bygrantor agency as a result of such an audit, any claim for reimbursement to the grantor agencies would become aliability of the Village. In the opinion of management, all grant expenditures are in compliance with the terms of thegrant agreements and applicable federal and state laws and regulations.