Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were claimed.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Town of Bridport, Vermont under programs of the federal government for year ended June 30, 2023. 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 for Federal Awards" (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Town of Bridport, Vermont it is not intended to and does not present the financial position, changes in net position or cash flows.
Title: NOTE C - PRIOR YEAR EXPENSES
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were claimed.
For grant -02140-84474-007 project costs for current year are $2,025,826.55, and costs from the prior year are $69,201.47, for a total of $2,095,028.02, of which the Federal Share is $1,885,525.22 (90%).