Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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 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.
De Minimis Rate Used: N
Rate Explanation: Town of Oyster Bay has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule includes amounts passed through to subrecipients. The total pass-through amounts provided to subrecipients was $2,182,972.
Title: OTHER DISCLOSURES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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 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.
De Minimis Rate Used: N
Rate Explanation: Town of Oyster Bay has not elected to use the 10% 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 casualty insurance policies.
There were no loans or loan guarantees outstanding at year end.
Title: DISASTER GRANTS – PUBLIC ASSISTANCE (PRESIDENTIALLY DECLARED DISASTERS)
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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 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.
De Minimis Rate Used: N
Rate Explanation: Town of Oyster Bay has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Below is a summary of the FEMA expenditures related to the declared disasters reported on the Schedule of
Expenditures of Federal Awards for which there was an approved project worksheet prior to December 31,
2023.
Title: COMMUNITY DEVELOPMENT BLOCK GRANT
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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 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.
De Minimis Rate Used: N
Rate Explanation: Town of Oyster Bay has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Community Development Block Grant reported federal expenditures on the Schedule of Expenditures of
Federal Awards includes $191,330 of expenditures funded with program income.
Title: RECONCILIATION OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO THE AUDITED
FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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 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.
De Minimis Rate Used: N
Rate Explanation: Town of Oyster Bay has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards presents the federal expenditures of Town of Oyster Bay
for the year ended December 31, 2023. During the audit, it was noted that, in addition to the above, there are
immaterial differences between the SEFA and the audited financial statements totaling $18,098.