Notes to SEFA
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (“SEFA”) includes the federal award
activity of the Town 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 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 SEFA presents only a selected
portion of the operations of the Town, it is not intended to and does not present the net position,
changes in net position, or cash flows of the Town.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles 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: NON-CASH ASSISTANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (“SEFA”) includes the federal award
activity of the Town 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 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 SEFA presents only a selected
portion of the operations of the Town, it is not intended to and does not present the net position,
changes in net position, or cash flows of the Town.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
No federal awards were expended in the form of non-cash assistance during the fiscal year ended
June 30, 2024.