Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following
the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to
reimbursement. Federal funds received in advance (such as Coronavirus Relief funds) and unexpended at year-end are included in deferred revenue
as detailed in the notes to the financial statements. Pass through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimus cost rate.
The schedule of expenditures of federal awards includes the federal award activity of the Town of Marion under programs of the
federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the
requirements of Title 2 US Code of Federal Regulations Part 200 Uniform Administrative Requirement, Cost Principle and Audit
Requirement 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 assets, or cash flows of the Town.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following
the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to
reimbursement. Federal funds received in advance (such as Coronavirus Relief funds) and unexpended at year-end are included in deferred revenue
as detailed in the notes to the financial statements. Pass through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimus cost rate.
Expenditures on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following
the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to
reimbursement. Federal funds received in advance (such as Coronavirus Relief funds) and unexpended at year-end are included in deferred revenue
as detailed in the notes to the financial statements. Pass through entity identifying numbers are presented where available.
Title: Subrecipients
Accounting Policies: Expenditures on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following
the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to
reimbursement. Federal funds received in advance (such as Coronavirus Relief funds) and unexpended at year-end are included in deferred revenue
as detailed in the notes to the financial statements. Pass through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimus cost rate.
The Town did not have any subrecipients for the year ended June 30, 2023.