Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: 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.
• The Organization has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
• During the year ended June 30, 2023, the Organization did not provide any
federal awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10 percent di minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of the Town under programs for the federal
government for the year ended December 31, 2023. The information in this Schedule is presented
in accordance with the requirements of Title 2 U.S. 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, changes in net position,
or cash flows of the Town.
Title: Note 2 Summary of Significant Accounting Policies
Accounting Policies: 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.
• The Organization has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
• During the year ended June 30, 2023, the Organization did not provide any
federal awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10 percent di minimus indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule of Expenditures of Federal Awards 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.
The Town has elected to note use the 10 percent de minimis indirect cost rate as allowed under
the Uniform Guidance.