Notes to SEFA
Title: NOTE 1 – 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.
De Minimis Rate Used: N
Rate Explanation: The Town of Jackson has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of
the Town of Jackson under programs of the federal government for the year ended June 30, 2023. The information in
this schedule isꞏpresented 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 Jackson, it is not
intended to and does not present the financial position, changes in net position, or cash flows of the Town of Jackson.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
De Minimis Rate Used: N
Rate Explanation: The Town of Jackson has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
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.
Title: NOTE 3 - INDIRECT COST RATE
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.
De Minimis Rate Used: N
Rate Explanation: The Town of Jackson has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
The Town of Jackson has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.