Notes to SEFA
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
De Minimis Rate Used: N
Rate Explanation: NOTE 3 – INDIRECT COST RATE
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
De Minimis Rate Used: N
Rate Explanation: NOTE 3 – INDIRECT COST RATE
The Town of Narragansett, Rhode Island has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.