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. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source of data presented.
De Minimis Rate Used: N
Rate Explanation: The auditee did not charge indirect costs or use the de minimis cost rate
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of The Village of Colonie, New York under programs of the federal government for the year ended May 31, 2024. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of The Village of Colonie, New York, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Village of Colonie, New York.
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. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source of data presented.
De Minimis Rate Used: N
Rate Explanation: The auditee did not charge indirect costs or use the de minimis cost rate
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: Subrecipients
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. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source of data presented.
De Minimis Rate Used: N
Rate Explanation: The auditee did not charge indirect costs or use the de minimis cost rate
No amounts were provided to subrecipients.