Notes to SEFA
Title: BASIS OF ACCOUNTING
Accounting Policies: THE ACCOUNTING POLICIES AND PRESENTATION OF THE SINGLE AUDIT REPORT HAVE BEEN DESIGNED TO CONFORM TO GAAP, AS APPLICABLE TO THE REPORTING AND COMPLIANCE REQUIREMENTS OF THE AUDITS OF STATES, LOCAL GOVERNMENTS, AND NON-PROFIT ORGANIZATIONS AND OFFICE OF MANAGEMENT AND UNIFORM ADMINSTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS.
De Minimis Rate Used: N
Rate Explanation: THE TOWN'S COUNCIL DECIDED NOT TO UTILIZE THE DE MINIMIS INDIRECT COST RATE.
THE ACCRUAL BASIS OF ACCOUNTING HAS BEEN USED BY THE TOWN FOR THE PREPARATION OF THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS.