Notes to SEFA
Title: Relationship to Financial Statements
Accounting Policies: Basis of Accounting The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the Borough's financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures of Federal Awards are reported in the Borough's General Fund, Special Revenue Fund, Sewer Fund, Sanitation Fund, Swimming Pool Fund, Storm Sewer Fund, Water Fund, and the Parking, Traffic and Street Lights Department Fund of the financial statements.