Notes to SEFA
Title: RECONCILIATION OF REVENUE REPORTED IN THE FINANCIAL STATEMENTS
Accounting Policies: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Jerome Township under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) 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 Jerome Township, it is not intended to and does not present the financial position or changes in net position of Jerome Township. 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. Negative amounts (if any) shown on the Schedule represent adjustments or credit made in the normal course of
business to amounts reported as expenditures. The Jerome Township has elected not to use the 10 percent de minimus indirect cost rate to recover
costs as allowed under the Uniform Guidance. The Jerome Township does not have any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Jerome Township has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance.
Total federal expenditures per Schedule of Expenditures of Federal Awards $ 1,907,648
Less: USDA Loans not recorded in revenue 1,870,000
Revenues per financial statements - federal sources $ 37,648