Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: Expenditures recognized in accordance with the modified 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 does not allocate indirect costs to any of the grants.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of Woodbridge, Connecticut (the Town), 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 the 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 to and does not present the financial position, changes in fund balance, changes in net position or cash flows of the Town.
Title: Note 2 Summary of Significant Accounting Principles
Accounting Policies: Expenditures recognized in accordance with the modified 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 does not allocate indirect costs to any of the grants.
Expenditures recognized in accordance with the modified 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 recognized in accordance with the modified 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 does not allocate indirect costs to any of the grants.
The Town has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4 Non-Cash Awards
Accounting Policies: Expenditures recognized in accordance with the modified 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 does not allocate indirect costs to any of the grants.
Donated commodities in the amount of $14,593 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.