Title: Loan Programs
Accounting Policies: The accounting policies of the Town of Brookfield, Connecticut (“Town”), conform to accounting principles generally accepted in the United States of America as applicable to governmental units.
The accompanying schedule of expenditures of federal awards (“Schedule”) includes the federal award activity of the Town under programs of the federal government. 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 Schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town. Because the Schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town.
Basis of Presentation
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period. Certain financial assistance is not dependent on expenditure activity and, accordingly, is considered expended in the fiscal year of receipt.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Town has a loan from the Drinking Water Revolving Fund (CFDA #66.468) from the Department of Environmental Protection Agency passed through the Connecticut Department of Public Health (Core-CT Number 21018-DPH48770-42319): Agreement # DWSRF #2022-7101 Issue Date 9/30/2022 Interest Rate 2% Original Amount $ 3,747,082 Beginning Balance $ - Issued $783,196 Retired $ (24,193) Ending Balance $ 759,003
Title: Other Federal Assistance
Accounting Policies: The accounting policies of the Town of Brookfield, Connecticut (“Town”), conform to accounting principles generally accepted in the United States of America as applicable to governmental units.
The accompanying schedule of expenditures of federal awards (“Schedule”) includes the federal award activity of the Town under programs of the federal government. 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 Schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town. Because the Schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town.
Basis of Presentation
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period. Certain financial assistance is not dependent on expenditure activity and, accordingly, is considered expended in the fiscal year of receipt.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The United States Department of Agriculture provides commodities to the Town’s schools. The fair market value of the commodities has been reflected in the expenditures column of the schedule. No other federal assistance was received in the form of loans, loan guarantees or insurance.