Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards is presented using the modified accrual basis in accordance with accounting principles prescribed by the Pennsylvania Department of Transportation, which conform to generally accepted accounting principles. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable. Revenues designated for payment of specific Township expenditures are recognized when the related expenditure is incurred. Any excess of revenue or expenditures at year-end is recorded as accounts payable or a receivable, respectively.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use de minimis cost rate.