Title: Note 1. Basis of Presentation
Accounting Policies: This schedule of expenditures of federal awards and state financial assistance summarizes the expenditures of the Town under programs of the federal and state governments 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 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, it is not intended to and does not present the financial position, change in net position, or cash flows of the Town. Expenditures reported on the schedule are reported on the accrual 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: The Town has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
This schedule of expenditures of federal awards and state financial assistance summarizes the expenditures of the Town under programs of the federal and state governments 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 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, it is not intended to and does not present the financial position, change in net position, or cash flows of the Town. Expenditures reported on the schedule are reported on the accrual 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.
Title: Note 2. Indirect Cost Rate
Accounting Policies: This schedule of expenditures of federal awards and state financial assistance summarizes the expenditures of the Town under programs of the federal and state governments 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 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, it is not intended to and does not present the financial position, change in net position, or cash flows of the Town. Expenditures reported on the schedule are reported on the accrual 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: The Town has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Town has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 3. Loans Outstanding
Accounting Policies: This schedule of expenditures of federal awards and state financial assistance summarizes the expenditures of the Town under programs of the federal and state governments 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 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, it is not intended to and does not present the financial position, change in net position, or cash flows of the Town. Expenditures reported on the schedule are reported on the accrual 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: The Town has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
At June 30, 2023, there was a Department of Housing and Urban Development Home Investment Partnership grant note outstanding (Assistance Listing No. 14.239). In a prior fiscal year, the funds, in the amount of $403,973, were passed through to a subrecipient. The grant note is forgivable, provided the Town continues to meet the terms of the grant. The remaining balance of the grant note is due in June 2032. CAPITALIZATION GRANTS FOR DRINKING WATER STATE REVOLVING FUNDS (66.468) - Balances outstanding at the end of the audit period were DWA 14-154 $62,745, CGO 2010-258 $172,968, and DG- 2021-231 $2,523,995. CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) - Balances outstanding at the end of the audit period were CWA 14-343 $161,728, CGA 2009-234 $1,603,460, CG7 2019-423 $2,469,738, SRF 2020-438 $17,047,794, and SFR 2020-438-01 $15,214,153.