Notes to SEFA
Title: Single Audit Reporting Entity
Accounting Policies: All expenditures included in the schedule of expenditures of federal awards are presented on the basis that expenditures are reported to the respective federal grantor agencies. Accordingly, certain expenditures are recorded when paid, and certain other expenditures are recorded when the federal obligation is determined.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. For the year ended June 30, 2024, there were no indirect costs included in the schedule of expenditures of federal awards.
The Town’s single audit reporting entity is consistent with the reporting entity used for the Town’s financial statements