Notes to SEFA
Title: BASIS OF ACCOUTNING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity
of the Town of Randolph (the “Town”) under programs of the federal government for the year
ended December 31, 2022. The information in this Schedule is presented in accordance with the
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).
Because the Schedule presents only a selected portion of the operations of the Town, it is not
intended to and does not present the financial position, changes in net position or cash flows of the
Town. The following notes were identified on the Schedule:
A.) Includes all federal award programs of the Town of Randolph.
B.) Source: Federal Assistance Listing Numbers.
C.) Pass-through entity identifying numbers are presented where available.
D.) Prepared under accounting principles generally accepted in the United States of America and
includes all federal programs.
De Minimis Rate Used: N
Rate Explanation: N/A
The Town used the modified accrual basis of accounting for each federal program, consistent with
the fund basis financial statements.
The amounts reported as federal expenditures generally were obtained from the appropriate federal
financial reports for the applicable program and periods. The amounts reported in these financial
reports are prepared from records maintained for each program, which are periodically reconciled
with the Town’s financial reporting system.