Title: 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 Deerfield, Massachusetts, did not use the de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the Town of Deerfield, Massachusetts, under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented 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 Deerfield, Massachusetts, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of Deerfield, Massachusetts.
Title: 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 Deerfield, Massachusetts, did not use the de minimis indirect 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: Indirect Costs
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 Deerfield, Massachusetts, did not use the de minimis indirect cost rate.
The Town of Deerfield, Massachusetts, did not use the de minimis indirect cost rate.
Title: Food Distribution
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 Deerfield, Massachusetts, did not use the de minimis indirect cost rate.
The Town of Deerfield, Massachusetts, receives non-cash commodities from the U.S. Department of Agriculture as part of the National School Lunch program. The amounts reported as non-cash assistance represent the fair market value of these commodities received during the year. The amounts reported as cash assistance represent federal reimbursement for meals provided.
Title: Outstanding Debt Obligations to the Federal Government
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 Deerfield, Massachusetts, did not use the de minimis indirect cost rate.
As of June 30, 2024, the Town of Deerfield, Massachusetts, had $11,395,572.13 in outstanding bonds due to the U. S. Department of Agriculture. The bonds are maturing through 2062. During the year ended June 30, 2024, the Town of Deerfield, Massachusetts, issued $2,987,000 in new bonds from the U. S. Department of Agriculture for Upgrade of the Town’s Wastewater Treatment Facility. During the year ended June 30, 2024 the Town of Deerfield, Massachusetts, paid $160,487.87 principal and $182,590.13 interest on existing bonds to the U. S. Department of Agriculture.