Title: Food Donation Program - Noncash Awards
Accounting Policies: PURPOSE OF THE SCHEDULE
The Uniform Guidance requires a Schedule of Expenditures of Federal Awards showing total expenditures for each federal award program as identified in the catalog of Federal Domestic Assistance (CFDA).
SIGNIFICANT ACCOUNTING POLICIES
1. REPORTING ENTITY
The accompanying schedule includes all federal award programs of The Town of Madawaska, Maine for the fiscal year ended June 30, 2024. The reporting entity is defined in the Notes to the Financial Statements of The Town of Madawaska, Maine.
2. BASIS OF PRESENTATION
The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
a. Federal financial assistance is defined as assistance provided by federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations.
b. The Uniform Guidance establishes the level of expenditures to be used in defining major federal financial award programs. Major programs for the Town have been identified in the Schedule of Findings and Questioned Costs.
3. BASIS OF ACCOUNTING
The information presented in the Schedule of Expenditures of Federal Awards is presented on a basis consistent with the County’s basic financial statements. The grants included are all accounted for on a modified accrual basis of accounting which is described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10% De Minimis Cost rate for the year ended June 30, 2024.
The Town of Madawaska, Maine reports commodities consumed on the Schedule at the fair value (or entitlement value). The Government allocated donated food commodities to the respective program(s) that benefitted from the use of those donated food commodities. The amount reported on the schedule is the value of commodities received by the School Department during the current year and priced as prescribed by USDA and is included in the National School Lunch Program total.
Title: Loan Balances
Accounting Policies: PURPOSE OF THE SCHEDULE
The Uniform Guidance requires a Schedule of Expenditures of Federal Awards showing total expenditures for each federal award program as identified in the catalog of Federal Domestic Assistance (CFDA).
SIGNIFICANT ACCOUNTING POLICIES
1. REPORTING ENTITY
The accompanying schedule includes all federal award programs of The Town of Madawaska, Maine for the fiscal year ended June 30, 2024. The reporting entity is defined in the Notes to the Financial Statements of The Town of Madawaska, Maine.
2. BASIS OF PRESENTATION
The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
a. Federal financial assistance is defined as assistance provided by federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations.
b. The Uniform Guidance establishes the level of expenditures to be used in defining major federal financial award programs. Major programs for the Town have been identified in the Schedule of Findings and Questioned Costs.
3. BASIS OF ACCOUNTING
The information presented in the Schedule of Expenditures of Federal Awards is presented on a basis consistent with the County’s basic financial statements. The grants included are all accounted for on a modified accrual basis of accounting which is described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10% De Minimis Cost rate for the year ended June 30, 2024.
There are no loan programs
Title: Child Nutrition Cluster
Accounting Policies: PURPOSE OF THE SCHEDULE
The Uniform Guidance requires a Schedule of Expenditures of Federal Awards showing total expenditures for each federal award program as identified in the catalog of Federal Domestic Assistance (CFDA).
SIGNIFICANT ACCOUNTING POLICIES
1. REPORTING ENTITY
The accompanying schedule includes all federal award programs of The Town of Madawaska, Maine for the fiscal year ended June 30, 2024. The reporting entity is defined in the Notes to the Financial Statements of The Town of Madawaska, Maine.
2. BASIS OF PRESENTATION
The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
a. Federal financial assistance is defined as assistance provided by federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations.
b. The Uniform Guidance establishes the level of expenditures to be used in defining major federal financial award programs. Major programs for the Town have been identified in the Schedule of Findings and Questioned Costs.
3. BASIS OF ACCOUNTING
The information presented in the Schedule of Expenditures of Federal Awards is presented on a basis consistent with the County’s basic financial statements. The grants included are all accounted for on a modified accrual basis of accounting which is described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10% De Minimis Cost rate for the year ended June 30, 2024.
The Town of Madawaska School Department commingles cash receipts from the U.S. Department of Agriculture with similar State grants. When reporting expenditures on this Schedule, the Unit assumes it expends federal monies first.
Title: Awards Passed Through to Subrecipients
Accounting Policies: PURPOSE OF THE SCHEDULE
The Uniform Guidance requires a Schedule of Expenditures of Federal Awards showing total expenditures for each federal award program as identified in the catalog of Federal Domestic Assistance (CFDA).
SIGNIFICANT ACCOUNTING POLICIES
1. REPORTING ENTITY
The accompanying schedule includes all federal award programs of The Town of Madawaska, Maine for the fiscal year ended June 30, 2024. The reporting entity is defined in the Notes to the Financial Statements of The Town of Madawaska, Maine.
2. BASIS OF PRESENTATION
The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
a. Federal financial assistance is defined as assistance provided by federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations.
b. The Uniform Guidance establishes the level of expenditures to be used in defining major federal financial award programs. Major programs for the Town have been identified in the Schedule of Findings and Questioned Costs.
3. BASIS OF ACCOUNTING
The information presented in the Schedule of Expenditures of Federal Awards is presented on a basis consistent with the County’s basic financial statements. The grants included are all accounted for on a modified accrual basis of accounting which is described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10% De Minimis Cost rate for the year ended June 30, 2024.
The Town received two CDBG block grants from the Maine Department of Economic and Community Development. These awards were received on behalf of local businesses to provide funds for renovations and improvements. Total awards expended by the Town for the two grants were $43,000 and $227,569. The first award was for façade improvements at two local businesses and the second award was for the renovation of a local apartment complex.