Notes to SEFA
Title: Matching Costs
Accounting Policies: 1) ACCRUAL BASIS OF ACCOUNTING, 2) PASS-THOUGH ENTITY IDENTIFYING NUMBERS ARE PRESENTED WHERE AVAILABLE
De Minimis Rate Used: N
Rate Explanation: Auditee did not elect to use the de minimis cost rate.
Matching costs, if any, i.e., the Village’s share of certain program costs, are not included in the report expenditures.
Title: Insurance
Accounting Policies: 1) ACCRUAL BASIS OF ACCOUNTING, 2) PASS-THOUGH ENTITY IDENTIFYING NUMBERS ARE PRESENTED WHERE AVAILABLE
De Minimis Rate Used: N
Rate Explanation: Auditee did not elect to use the de minimis cost rate.
The Village did not participate in any federal insurance programs as of May 31, 2023.
Title: Subrecipients
Accounting Policies: 1) ACCRUAL BASIS OF ACCOUNTING, 2) PASS-THOUGH ENTITY IDENTIFYING NUMBERS ARE PRESENTED WHERE AVAILABLE
De Minimis Rate Used: N
Rate Explanation: Auditee did not elect to use the de minimis cost rate.
The Village did not subcontract with the other organizations using federal awards during the year ended May 31, 2023.
Title: Noncash Assistance
Accounting Policies: 1) ACCRUAL BASIS OF ACCOUNTING, 2) PASS-THOUGH ENTITY IDENTIFYING NUMBERS ARE PRESENTED WHERE AVAILABLE
De Minimis Rate Used: N
Rate Explanation: Auditee did not elect to use the de minimis cost rate.
The Village did not expend federal awards in the form of non-cash assistance during the year ended May 31, 2023.
Title: Loans and Loan Guarantees
Accounting Policies: 1) ACCRUAL BASIS OF ACCOUNTING, 2) PASS-THOUGH ENTITY IDENTIFYING NUMBERS ARE PRESENTED WHERE AVAILABLE
De Minimis Rate Used: N
Rate Explanation: Auditee did not elect to use the de minimis cost rate.
The Village had no federal loans or federal loan guarantees outstanding as of May 31, 2023.
Title: Scope of Audit Pursuant to the Uniform Guidance
Accounting Policies: 1) ACCRUAL BASIS OF ACCOUNTING, 2) PASS-THOUGH ENTITY IDENTIFYING NUMBERS ARE PRESENTED WHERE AVAILABLE
De Minimis Rate Used: N
Rate Explanation: Auditee did not elect to use the de minimis cost rate.
The Village of Corinth, New York, the primary government, is an independent municipal corporation. All federal award operations of the Village are included in the scope of the single audit.