Title: Note 1 - Summary of Significant Accounting Policies
Accounting Policies: a. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Village of Green Island, New York (Village) under programs of the federal government for the year ended May 31, 2022. The information in this Schedule is presented in accordance with the requirements of the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The purpose of the Schedule is to present a summary of those activities of the Village funded by the federal government or pass-through entities for the year ended May 31, 2022, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other non-cash assistance.
Negative amounts, if any, on the Schedule represent adjustments or credits made to prior year expenditures in the normal course of business.
b. Relationship to Financial Statements
Federal award revenues are reported in the Village’s financial statements as federal aid.
The Village’s government-wide financial statements are presented using the accrual basis of accounting. The Schedule presents only a selected portion of the activities of the Village. It is not intended to, and does not, present either the financial position, statement of activities, or other changes in net assets of the Village.
c. Direct and Indirect Costs
Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments and the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
d. Matching Costs
Matching costs represent the Village’s share of certain program costs and are not included in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The Village has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
a. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Village of Green Island, New York (Village) under programs of the federal government for the year ended May 31, 2022. The information in this Schedule is presented in accordance with the requirements of the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The purpose of the Schedule is to present a summary of those activities of the Village funded by the federal government or pass-through entities for the year ended May 31, 2022, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other non-cash assistance.
Negative amounts, if any, on the Schedule represent adjustments or credits made to prior year expenditures in the normal course of business.
b. Relationship to Financial Statements
Federal award revenues are reported in the Village’s financial statements as federal aid.
The Village’s government-wide financial statements are presented using the accrual basis of accounting. The Schedule presents only a selected portion of the activities of the Village. It is not intended to, and does not, present either the financial position, statement of activities, or other changes in net assets of the Village.
c. Direct and Indirect Costs
Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments and the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
d. Matching Costs
Matching costs represent the Village’s share of certain program costs and are not included in the Schedule.
Title: Note 2 - Noncash Assistance
Accounting Policies: a. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Village of Green Island, New York (Village) under programs of the federal government for the year ended May 31, 2022. The information in this Schedule is presented in accordance with the requirements of the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The purpose of the Schedule is to present a summary of those activities of the Village funded by the federal government or pass-through entities for the year ended May 31, 2022, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other non-cash assistance.
Negative amounts, if any, on the Schedule represent adjustments or credits made to prior year expenditures in the normal course of business.
b. Relationship to Financial Statements
Federal award revenues are reported in the Village’s financial statements as federal aid.
The Village’s government-wide financial statements are presented using the accrual basis of accounting. The Schedule presents only a selected portion of the activities of the Village. It is not intended to, and does not, present either the financial position, statement of activities, or other changes in net assets of the Village.
c. Direct and Indirect Costs
Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments and the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
d. Matching Costs
Matching costs represent the Village’s share of certain program costs and are not included in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The Village has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
There were no federal awards expended in the form of noncash assistance by the Village during the year ended May 31, 2022.
Title: Note 3 - Loans and Loan Guarantees
Accounting Policies: a. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Village of Green Island, New York (Village) under programs of the federal government for the year ended May 31, 2022. The information in this Schedule is presented in accordance with the requirements of the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The purpose of the Schedule is to present a summary of those activities of the Village funded by the federal government or pass-through entities for the year ended May 31, 2022, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other non-cash assistance.
Negative amounts, if any, on the Schedule represent adjustments or credits made to prior year expenditures in the normal course of business.
b. Relationship to Financial Statements
Federal award revenues are reported in the Village’s financial statements as federal aid.
The Village’s government-wide financial statements are presented using the accrual basis of accounting. The Schedule presents only a selected portion of the activities of the Village. It is not intended to, and does not, present either the financial position, statement of activities, or other changes in net assets of the Village.
c. Direct and Indirect Costs
Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments and the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
d. Matching Costs
Matching costs represent the Village’s share of certain program costs and are not included in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The Village has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Village did not have any federal loans or loan guarantees outstanding at May 31, 2022.
Title: Note 4 - Insurance
Accounting Policies: a. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Village of Green Island, New York (Village) under programs of the federal government for the year ended May 31, 2022. The information in this Schedule is presented in accordance with the requirements of the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The purpose of the Schedule is to present a summary of those activities of the Village funded by the federal government or pass-through entities for the year ended May 31, 2022, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other non-cash assistance.
Negative amounts, if any, on the Schedule represent adjustments or credits made to prior year expenditures in the normal course of business.
b. Relationship to Financial Statements
Federal award revenues are reported in the Village’s financial statements as federal aid.
The Village’s government-wide financial statements are presented using the accrual basis of accounting. The Schedule presents only a selected portion of the activities of the Village. It is not intended to, and does not, present either the financial position, statement of activities, or other changes in net assets of the Village.
c. Direct and Indirect Costs
Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments and the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
d. Matching Costs
Matching costs represent the Village’s share of certain program costs and are not included in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The Village has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Village did not participate in any federal insurance programs during the year ended
Title: Note 5 - Indirect Cost Rate
Accounting Policies: a. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Village of Green Island, New York (Village) under programs of the federal government for the year ended May 31, 2022. The information in this Schedule is presented in accordance with the requirements of the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The purpose of the Schedule is to present a summary of those activities of the Village funded by the federal government or pass-through entities for the year ended May 31, 2022, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other non-cash assistance.
Negative amounts, if any, on the Schedule represent adjustments or credits made to prior year expenditures in the normal course of business.
b. Relationship to Financial Statements
Federal award revenues are reported in the Village’s financial statements as federal aid.
The Village’s government-wide financial statements are presented using the accrual basis of accounting. The Schedule presents only a selected portion of the activities of the Village. It is not intended to, and does not, present either the financial position, statement of activities, or other changes in net assets of the Village.
c. Direct and Indirect Costs
Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments and the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
d. Matching Costs
Matching costs represent the Village’s share of certain program costs and are not included in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The Village has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Village has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.