Notes to SEFA
Title: Loan Programs
Accounting Policies: A. Basis of Presentation
The accounting policies of the Town of Brookfield, Connecticut (the “Town”), conform to accounting principles generally accepted in the United States of America as applicable to governmental units.
The accompanying schedule of expenditures of federal awards includes the federal award activity of the Town under programs of the federal government. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Because the Schedule 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 position, or cash flows of the Town.
B. Basis of Accounting
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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The Town has a loan from the Drinking Water Revolving Fund (CFDA #66.468) from the United States - Environmental Protection Agency passed through the Connecticut Department of Public Health (Core-CT Number 21018-DPH48770-42319). See the Notes to the SEFA for chart/table.
Title: Other Federal Assistance
Accounting Policies: A. Basis of Presentation
The accounting policies of the Town of Brookfield, Connecticut (the “Town”), conform to accounting principles generally accepted in the United States of America as applicable to governmental units.
The accompanying schedule of expenditures of federal awards includes the federal award activity of the Town under programs of the federal government. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Because the Schedule 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 position, or cash flows of the Town.
B. Basis of Accounting
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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The United States Department of Agriculture provides commodities to the Town’s schools. The fair market value of the commodities has been reflected in the expenditures column of the schedule. No other federal assistance was received in the form of loans, loan guarantees or insurance.