Notes to SEFA
Title: Note 1 - Basis of Accounting:
Accounting Policies: This schedule is prepared on the same basis of accounting as the Town's financial statements. The Town utilizes the modified accrual basis of accounting for governmental fund types and full accrual for proprietary fund types.
De Minimis Rate Used: N
Rate Explanation: The Town of Steilacoom has chosen to bill only direct costs to the program(s) listed. We do not use nor bill indirect costs nor do we utilize the 10% de minimus indirect cost rate.
This schedule is prepared on the same basis of accounting as the Town's financial statements. The Town utilizes the modified accrual basis of accounting for governmental fund types and full accrual for proprietary fund types.
Title: Note 2 - Program Costs:
Accounting Policies: This schedule is prepared on the same basis of accounting as the Town's financial statements. The Town utilizes the modified accrual basis of accounting for governmental fund types and full accrual for proprietary fund types.
De Minimis Rate Used: N
Rate Explanation: The Town of Steilacoom has chosen to bill only direct costs to the program(s) listed. We do not use nor bill indirect costs nor do we utilize the 10% de minimus indirect cost rate.
The amounts shown as current year expenditures represent only the grantor's portion of the program costs. Entire program costs, including the Town's portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principals for State, Local, and Indian Tribal Governments, or the cost principals contained in Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3 - Subrecipients;
Accounting Policies: This schedule is prepared on the same basis of accounting as the Town's financial statements. The Town utilizes the modified accrual basis of accounting for governmental fund types and full accrual for proprietary fund types.
De Minimis Rate Used: N
Rate Explanation: The Town of Steilacoom has chosen to bill only direct costs to the program(s) listed. We do not use nor bill indirect costs nor do we utilize the 10% de minimus indirect cost rate.
The Town passed no funds on to subrecipients from any federally funded program.
Title: Note 4 - Indirect Costs:
Accounting Policies: This schedule is prepared on the same basis of accounting as the Town's financial statements. The Town utilizes the modified accrual basis of accounting for governmental fund types and full accrual for proprietary fund types.
De Minimis Rate Used: N
Rate Explanation: The Town of Steilacoom has chosen to bill only direct costs to the program(s) listed. We do not use nor bill indirect costs nor do we utilize the 10% de minimus indirect cost rate.
The Town of Steilacoom has chosen to bill only direct costs to the program(s) listed. We do not use nor bill indirect costs nor do we utilize the 10% de minimus indirect cost rate.