Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the SEFA are reported on the cash basis of accounting and, accordingly, represent the total cash expended for the program. The SEFA does not include transactions that might be included using the accrual basis of accounting as contemplated by generally accepted accounting principles
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the federal award activity for the Town of Esperance (the “Town”) under programs of the federal government for the year ended December 31, 2021. The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the SEFA presents only a selected portion of the operations of the Town, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Town.
Title: NOTE 3 INDIRECT COST RATE
Accounting Policies: Expenditures reported on the SEFA are reported on the cash basis of accounting and, accordingly, represent the total cash expended for the program. The SEFA does not include transactions that might be included using the accrual basis of accounting as contemplated by generally accepted accounting principles
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The Town has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Title: NOTE 4 SUBRECIPIENTS
Accounting Policies: Expenditures reported on the SEFA are reported on the cash basis of accounting and, accordingly, represent the total cash expended for the program. The SEFA does not include transactions that might be included using the accrual basis of accounting as contemplated by generally accepted accounting principles
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
No awards were passed through to subrecipients