Notes to SEFA
Title: Non-Cash Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal awardactivity of the Town under programs of the federal government for the year ended June 30, 2022. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selectedportion 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. 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 FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirementsfor Federal Awards, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No federal awards were expended in the form of non-cash assistance during the fiscal year ended June 30, 2022.
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal awardactivity of the Town under programs of the federal government for the year ended June 30, 2022. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selectedportion 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. 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 FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirementsfor Federal Awards, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Town did not pass funding through to subrecipients during the fiscal year ended June 30, 2022.