Title: A. Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the Township of Homer under programs of the federal government for the year ending March 31, 2024. 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 Township of Homer, it is not intended to and does not present the financial position, changes in net position or cash flows of the Township of Homer.
De Minimis Rate Used: N
Rate Explanation: The Township of Homer has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the Township of Homer under programs of the federal government for the year ending March 31, 2024. 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 Township of Homer, it is not intended to and does not present the financial position, changes in net position or cash flows of the Township of Homer.
Title: B. Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the Township of Homer under programs of the federal government for the year ending March 31, 2024. 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 Township of Homer, it is not intended to and does not present the financial position, changes in net position or cash flows of the Township of Homer.
De Minimis Rate Used: N
Rate Explanation: The Township of Homer has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
Expenditures reported on the schedule are reported on the modified cash 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: C. Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the Township of Homer under programs of the federal government for the year ending March 31, 2024. 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 Township of Homer, it is not intended to and does not present the financial position, changes in net position or cash flows of the Township of Homer.
De Minimis Rate Used: N
Rate Explanation: The Township of Homer has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The Township of Homer has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
Title: D. Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the Township of Homer under programs of the federal government for the year ending March 31, 2024. 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 Township of Homer, it is not intended to and does not present the financial position, changes in net position or cash flows of the Township of Homer.
De Minimis Rate Used: N
Rate Explanation: The Township of Homer has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
There were no subrecipients for the fiscal year ending March 31, 2024.
Title: E. Non-Cash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the Township of Homer under programs of the federal government for the year ending March 31, 2024. 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 Township of Homer, it is not intended to and does not present the financial position, changes in net position or cash flows of the Township of Homer.
De Minimis Rate Used: N
Rate Explanation: The Township of Homer has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The Township of Homer did not provide Non-Cash Assistance.
Title: F. Other Information
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the Township of Homer under programs of the federal government for the year ending March 31, 2024. 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 Township of Homer, it is not intended to and does not present the financial position, changes in net position or cash flows of the Township of Homer.
De Minimis Rate Used: N
Rate Explanation: The Township of Homer has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The Township of Homer did not spend any federal award dollars on insurance. There are no outstanding loans or guarantees at March 31, 2024. The Township of Homer did have grants with matching expenditures. In accordance with the Uniform Guidance, those amounts were not included on the SEFA.