Audit 28666

Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of the Village of Clyde, New York under programs of the federal government for the year endedMay 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (the Uniform Guidance). Because the Schedule presents onlya selected portion of the operations of the Village of Clyde, New York, it is not intended to, and does not,present the financial position, changes in net position, or cash flows of the Village of Clyde, New York.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reports on the Schedule are reported on the modified accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.Federal grants received by the Village are subject to audit and adjustment. If any expenditure isdisallowed by the grantor agencies as a result of such an audit, the grantor agencies could make claim forreimbursement, which would become a liability of the Village.The Village of Clyde, New York has elected not to use the 10-percent de minimis indirect cost rateallowable under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.