Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the 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. Pass-through entity contract numbers are presented where available. There were no federal awards passed through to sub-recipients. The Town has elected not to use the de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant 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 Schedule presents only a selected portion of the operations of the Town, it is not intended and does not present the financial position, changes in net assets, or cash flows of the Town.
Title: Reconciliation of the Schedule of Expenditures of Federal Awards to the Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the 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. Pass-through entity contract numbers are presented where available. There were no federal awards passed through to sub-recipients. The Town has elected not to use the de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the de minimis indirect cost rate.
The following is a reconciliation of expenditures per the schedule of expenditures of federal awards to the revenue balances in the Town's financial statements.
Total grant revenue per statement of activities $2,261,699 less non-federal grants $355,381 = $1,906,318