Notes to SEFA
Title: Matching Costs
Accounting Policies: Summary of Significant Accounting Policiesa.Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.b.Pass-through entity identifying numbers are presented where available.c.The Village has not elected to use the 10 percent de-minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Matching costs, if any, i.e., the Villages share of certain program costs, are not included in the reported expenditures.
Title: Insurance
Accounting Policies: Summary of Significant Accounting Policiesa.Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.b.Pass-through entity identifying numbers are presented where available.c.The Village has not elected to use the 10 percent de-minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Village did not participate in any federal insurance programs as of May 31, 2022.
Title: Subrecipients
Accounting Policies: Summary of Significant Accounting Policiesa.Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.b.Pass-through entity identifying numbers are presented where available.c.The Village has not elected to use the 10 percent de-minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Village did not subcontract with the other organizations using federal awards during the year ended May 31, 2022.
Title: Noncash Assistance
Accounting Policies: Summary of Significant Accounting Policiesa.Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.b.Pass-through entity identifying numbers are presented where available.c.The Village has not elected to use the 10 percent de-minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Village did not expend federal awards in the form of noncash assistance during the year ended May 31, 2022.
Title: Loans and Loan Guarantees
Accounting Policies: Summary of Significant Accounting Policiesa.Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.b.Pass-through entity identifying numbers are presented where available.c.The Village has not elected to use the 10 percent de-minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Village had no federal loans or federal loan guarantees outstanding as of May 31, 2022.
Title: Scope of Audit Pursuant to the Uniform Guidance
Accounting Policies: Summary of Significant Accounting Policiesa.Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.b.Pass-through entity identifying numbers are presented where available.c.The Village has not elected to use the 10 percent de-minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not 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.