Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Modified accrual
De Minimis Rate Used: N
Rate Explanation: See note
The accompanying schedule of Expenditures of Federal Awards and State Financial Assistance summarizes the expenditures of the Town under programs of the federal and state governments for the year ended June 30, 2023. The schedule is presented using the modified accrual basis of accounting.
Title: Indirect Cost
Accounting Policies: Modified accrual
De Minimis Rate Used: N
Rate Explanation: See note
The City elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.