Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Town elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
1. The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the Town of Clyde under programs of the federal government for the year ended June 30, 2024. The information in this SEFA 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 only present a selection portion of the operations of the Town of Clyde and is not intended and does not present the financial position, change in net assets or cash flows of the Town.
Title: Summary of Significant Accounting Policies
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Town elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
2. Expenditures are 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 allowed or are limited as to reimbursement.
Title: De minimis Indirect Cost Rate
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Town elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Town has elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance.