Title: 1a. Summary of Significant Accounting Policies: Basis of Presentation
Accounting Policies: Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Expenditures for direct and indirect costs are recognized as incurred using the accural method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of the Village of Bath, New York under programs of the federal government for the year ended May 31, 2024. The information presented in this schedule is presented in accordance with the requirements of the Comptroller General of the United States and the audit requirements of Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Rquirements, Cost Principles, and Audit Requirements for Federal Awards. The purpose of the Schedule, federal awards include assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other non-cash assistance.
Negative amounts, if any, on the Schedule represent adjustments or credits made to prior-year expenditures in the normal course of business.
Title: 1b. Relationship to Financial Statements
Accounting Policies: Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Expenditures for direct and indirect costs are recognized as incurred using the accural method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance.
Federal award revenues are reported in the Village’s financial statements as federal aid. The Village’s financial statements are presented using the accrual basis of accounting. The Schedule presents only a select portion of the activities of the Village. It is not intended to, and does not, present the financial position, statement of activities, or other changes in net assets of the Village.
Title: 1c. Direct and Indirect Costs
Accounting Policies: Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Expenditures for direct and indirect costs are recognized as incurred using the accural method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance.
Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. The Village has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 1d. Matching Costs
Accounting Policies: Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Expenditures for direct and indirect costs are recognized as incurred using the accural method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance.
Matching costs represent the Village’s share of certain program costs and are not included in the Schedule.
Title: 2. Non-Cash Assistance
Accounting Policies: Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Expenditures for direct and indirect costs are recognized as incurred using the accural method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance.
There were no federal awards expended in the form of non-cash assistance by the Village during the year ended May 31, 2024.
Title: 3. Loans and Loan Guarantees
Accounting Policies: Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Expenditures for direct and indirect costs are recognized as incurred using the accural method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance.
The Village had no federal loans or federal guarantees outstanding as of May 31, 2024
Title: 4. Insurance
Accounting Policies: Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Expenditures for direct and indirect costs are recognized as incurred using the accural method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance.
The Village did not participate in any federal insurance programs during the year ended May 31, 2024
Title: 5. Subrecipients
Accounting Policies: Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Expenditures for direct and indirect costs are recognized as incurred using the accural method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance.
The Village did not provide any funding to subrecipients during the year ended May 31, 2024.