Audit 338977

Title: NONCASH AWARDS Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of Wolcott, Connecticut, under programs of the federal government for the year ended June 30, 2024. The information in the 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 of Wolcott, Connecticut, it is not intended to, and does not, present the financial position, changes in fund balance, changes in net position or cash flows of the Town of Wolcott, Connecticut. Basis of Accounting Expenditures reported on the Schedule are reported using the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards. De Minimis Rate Used: N Rate Explanation: The Town of Wolcott, Connecticut, has elected not to use the 10% de minimis indirect cost rate provided under Section 200.414 of the Uniform Guidance. Donated commodities in the amount of $59,498 are included in the Department of Agriculture’s National School Lunch Program, Assistance Listing Number 10.555. The amount represents the market value of commodities received.