Notes to SEFA
Title: Note 3. Sub-recipients
Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Village of Margaretville under programs of the federal government for the year ended May 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 of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Village of Margaretville, it is not intended to, and does not, present the financial position or changes in fund balance/net position of the Village of Margaretville.Note 2. Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Village of Margaretville did not provide federal awards to sub-recipients during the year ended May 31, 2022.