Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. The accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Town and is presented on the cash basis of accounting.The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), Subpart F, Section 510(b).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.