Notes to SEFA
Title: Matching Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the Town, an entity as defined in Note 1 to the Town's basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are
included on the Schedule of Expenditures of Federal Awards. The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable program and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger which is the source of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented The Town has not elected to use the 10% de minimus cost rate.
Matching costs, i.e., the Town’s share of certain program costs, are not included in the reported expenditures.