Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Town of Millsboro, Delaware under programs of the federal government for the year ended June 30, 2024. The information presented in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs 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 assets, or cash flows of the Town.
De Minimis Rate Used: N
Rate Explanation: The Town 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: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Town of Millsboro, Delaware under programs of the federal government for the year ended June 30, 2024. The information presented in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs 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 assets, or cash flows of the Town.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Pass-through entity identifying numbers are presented where available.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Town of Millsboro, Delaware under programs of the federal government for the year ended June 30, 2024. The information presented in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs 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 assets, or cash flows of the Town.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Town did not have any subrecipients.
Title: LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Town of Millsboro, Delaware under programs of the federal government for the year ended June 30, 2024. The information presented in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs 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 assets, or cash flows of the Town.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
For purposes of the schedule of expenditures of Federal awards, the value of Federal expenditures in the form of loans is Calculated as the sum of the balance of loans from previous years for which the Federal Government imposes continuing compliance requirements plus the value of new loans received during the fiscal year.
Title: LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Town of Millsboro, Delaware under programs of the federal government for the year ended June 30, 2024. The information presented in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs 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 assets, or cash flows of the Town.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Town has been awarded loans of $7,660,000 and $15,000,000 from the U.S. Department of Agriculture (USDA) for construction of a police department building and a wastewater treatment plant, respectively. Interim financing has been provided by Wilmington Savings Fund Society, FSB (WSFS) for the construction periods, as required by USDA. As of June 30, 2024, there was $4,669,314 of outstanding Federal loans with continuing compliance requirements. The remainder of the funds, $2,990,686, were drawn subsequent to year end.
Title: AMERICAN RESCUE PLAN ACT
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Town of Millsboro, Delaware under programs of the federal government for the year ended June 30, 2024. The information presented in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs 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 assets, or cash flows of the Town.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
During 2024, the Town retroactively applied the American Rescue Plan Act grant funds to an ongoing project in the sewer fund that began during the year ended June 30, 2021. Expenditures to date and current year revenue total $922,506. ExpendiTures during the current year are $331,220 with the remainder of expenditures being incurred in prior years.