Notes to SEFA
Title: Note 3 - Relationship to Finanical Statements
Accounting Policies: 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 finanical statements.
De Minimis Rate Used: N
Rate Explanation: The Borough has elected not to use the 10% de minimis indirect cost rate for its federal programs
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.
Title: Note 4 - Restatement
Accounting Policies: 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 finanical statements.
De Minimis Rate Used: N
Rate Explanation: The Borough has elected not to use the 10% de minimis indirect cost rate for its federal programs
Subsequent to the original issuance of the Schedule, an error was identified in the reporting for the Capitalization Grants for Drinking Water – ALN 66.468 as noted below:
Original expenditures reported for program: $ 460,207
Additional expenditures 272,662
Revised expenditures reported for program: $ 732,869