Notes to SEFA
Title: Program Income
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of
accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. The accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the Town and is presented on the cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Town elected not to use the 10% De Minimis indirect cost rate as covered in 2 CFR Part 200 Sections 414 “Indirect (F&A) Costs.”
Of the federal expenditures and award amounts presented in the Schedule of Expenditures of Federal Awards, the Town included program income as follows: Child Nutrition Cluster 10.553, 10.555 $545,307