Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared using the modified accrual basis of accounting for program expenditures accounted for in governmental funds and the accrual basis of accounting for expenditures accounted for in proprietary funds, as described in Note 1 of the Town’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.