Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards and state financial assistance are reported on the modified accrual basis of accounting. Certain amounts shown on the schedule of expenditures of federal awards represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Town does not elect to use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards and state financial assistance include the award activity of the Town under programs of the federal and state governments, for the year ended June 30, 2023. Because the schedule of expenditures of federal and state awards present only a selected portion of the operations of the Town, they are not intended to and do not present the financial position, statement
of activities, or cash flows of the Town.