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 expenditures arenot allowable or are limited as to reimbursement.
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 grant activity ofthe Village of Key Biscayne, Florida (the Village) under programs of the federal government for the fiscal year endedSeptember 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of theoperations of the Village, it is not intended to and does not present the financial position, changes in net position/fundbalance or cash flows of the Village.