Notes to SEFA
Title: PURPOSES OF THE SCHEDULE
Accounting Policies: see all notes on next tab
De Minimis Rate Used: N
Rate Explanation: No indirect cost charged
The Schedule of Expenditures of the Federal Awards is a supplementary schedule to the financial
Title: PURPOSES OF THE SCHEDULE
Accounting Policies: see all notes on next tab
De Minimis Rate Used: N
Rate Explanation: No indirect cost charged
statements. The Schedule is required by the 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 the financial position, or cash flows of the Town.
Title: 1. SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: see all notes on next tab
De Minimis Rate Used: N
Rate Explanation: No indirect cost charged
see below
Title: Basis of Accounting
Accounting Policies: see all notes on next tab
De Minimis Rate Used: N
Rate Explanation: No indirect cost charged
The information in the schedule is presented in accordance with the Uniform Guidance. The schedule is prepared using the same accounting policies and basis of accounting as the financial statements. 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.
Title: CFDA Numbers
Accounting Policies: see all notes on next tab
De Minimis Rate Used: N
Rate Explanation: No indirect cost charged
Uniform Guidance requires the schedule to show the total expenditures for each of the entity’s federal financial assistance programs as identified in the Catalog of Federal Domestic Assistance (CFDA). The CFDA is a government-wide compendium of individual federal programs. Each program included in the CFDA is assigned a five-digit program identification number (CFDA number).
Title: Subrecipients
Accounting Policies: see all notes on next tab
De Minimis Rate Used: N
Rate Explanation: No indirect cost charged
The Town did not have any subrecipients for the year ending June 30, 2024.
Title: Major Programs
Accounting Policies: see all notes on next tab
De Minimis Rate Used: N
Rate Explanation: No indirect cost charged
Uniform Guidance establishes the levels of expenditures or expenses and other criteria to be used in defining major federal financial assistance. The federal awards tested as major programs were those with a CFDA number 15.507.
Title: Indirect Cost Rate
Accounting Policies: see all notes on next tab
De Minimis Rate Used: N
Rate Explanation: No indirect cost charged
The Town has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and did not charge any indirect costs on federal awards.