Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
The accompanying Schedule of Expenditures of Federal Awards (“SEFA”) includes the federal award
activity of the Town under programs of the federal government for the year ended June 30, 2023.
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 (Uniform Guidance). Because the SEFA presents only a
selected portion of the operations of the Town, it is not intended to and does not present the net
position, changes in net position, or cash flows of the Town.
Title: NON-CASH ASSISTANCE
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
No federal awards were expended in the form of non-cash assistance during the fiscal year ended
June 30, 2023.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
The Town did not pass funding through to subrecipients during the fiscal year ended June 30, 2023.