Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual or full 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.
Matching costs (the Town’s share of certain program costs) are not included in the reported expenditures.
Pass-through numbers are presented where available.
The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Town’s financial reporting system.
Non-monetary assistance is reported in the schedule at fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Town of Southampton (the “Town”), under programs of 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 Town, it is not intended to and does not present the financial position, change in net position or cash flows of the Town.
Title: Basis of Accounitng
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual or full 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.
Matching costs (the Town’s share of certain program costs) are not included in the reported expenditures.
Pass-through numbers are presented where available.
The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Town’s financial reporting system.
Non-monetary assistance is reported in the schedule at fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified accrual or full 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.
Matching costs (the Town’s share of certain program costs) are not included in the reported expenditures.
Pass-through numbers are presented where available.
The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Town’s financial reporting system.
Non-monetary assistance is reported in the schedule at fair market value of commodities received, which is provided by New York State.
Title: Indirect Costs
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual or full 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.
Matching costs (the Town’s share of certain program costs) are not included in the reported expenditures.
Pass-through numbers are presented where available.
The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Town’s financial reporting system.
Non-monetary assistance is reported in the schedule at fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Town has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Other Disclosures
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual or full 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.
Matching costs (the Town’s share of certain program costs) are not included in the reported expenditures.
Pass-through numbers are presented where available.
The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Town’s financial reporting system.
Non-monetary assistance is reported in the schedule at fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
No insurance is carried specifically to cover equipment purchased with federal funds. Any equipment purchased with federal funds has only a nominal value, and is covered by the Town’s insurance policies.
There were no loans or loan guarantees outstanding at year-end.
Title: Major Program Determination
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual or full 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.
Matching costs (the Town’s share of certain program costs) are not included in the reported expenditures.
Pass-through numbers are presented where available.
The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Town’s financial reporting system.
Non-monetary assistance is reported in the schedule at fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Town was deemed to be a “low-risk auditee”, therefore, major programs were determined based on 20% of total federal award expenditures.