Notes to SEFA
Title: Disbursements
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the full accrual basis of accounting used by the Town in preparation of the government wide financial statements that report these awards. The accounting policies of the Town conform to accounting principles generally accepted in the United States of America as applicable to governmental units. The preparation of the Schedule of Expenditures of Federal Awards in conformity with accounting principles generally accepted in the United States of America requires management to make certain assumptions that affect the reported amounts of expenditures during the reporting period. Actual results could differ from those estimates.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Disbursements reported in the Schedule of Expenditures of Federal Awards cannot be traced, in every case, directly to the disbursements reported in the Towns Financial Report. However, the detailed information regarding the disbursements reflected in both issued reports can be traced to the Towns detailed general ledger with adjustments for any year-end financial statement accruals and reversals.Disaster Grants Public Assistance 97.036 - According to the 2021 Compliance Supplement, nonfederal entities must record expenditures on the Schedule of Expenditures of Federal Awards (SEFA) when (1) FEMA has approved the nonfederal entitys Project Worksheet and (2) the nonfederal entity has incurred the eligible expenditures. The Towns June 30, 2022 SEFA contains $1,410,007 of expenditures which were incurred and reported in fiscal year ended June 30, 2021 for financial statement purposes, but were not obligated by FEMA until fiscal year ended June 20, 2022 and are therefore included in this years SEFA.
Title: Schedule of Expenditures of Federal Awards
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the full accrual basis of accounting used by the Town in preparation of the government wide financial statements that report these awards. The accounting policies of the Town conform to accounting principles generally accepted in the United States of America as applicable to governmental units. The preparation of the Schedule of Expenditures of Federal Awards in conformity with accounting principles generally accepted in the United States of America requires management to make certain assumptions that affect the reported amounts of expenditures during the reporting period. Actual results could differ from those estimates.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Town that were received directly from federal agencies or passed through other entities and governmental agencies.The Town has prepared this Schedule of Expenditures of Federal Awards to comply with the provisions of the Uniform Guidance. The Uniform Guidance stipulates that a Schedule of Expenditures of Federal Awards be prepared showing total expenditures of each federal award program as identified in the Assistance Listings and for other federal financial awards that have not been assigned a listing number.