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CITY OF SUNYY ISLES BEACH, FLORIDA <br />NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS <br />FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 <br />NOTE I — BASIS OF PRESENTATION <br />The accompanying schedule of expenditures of federal awards (the "Schedule") presents the <br />expenditure activity of all federal awards of the City of Sunny Isles Beach, Florida (the <br />"City") for the fiscal year ended September 30, 2023. The information in this Schedule is <br />presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations, <br />Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements <br />for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected <br />portion of the operations of the City, it is not intended to and does not present the financial <br />position, changes in net position/fund balance or cash flows of the City. <br />NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such <br />expenditures are recognized following the cost principles contained in the Uniform Guidance, <br />wherein certain types of expenditures are not allowable or are limited as to reimbursement. <br />NOTE 3 — INDIRECT COST RATE <br />The City has elected not to use the 10 -percent de minimis indirect cost rate allowed under <br />the Uniform Guidance. <br />117 <br />