Notes to SEFA
Accounting Policies: a) Basis of Accounting – The accompanying Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. Accordingly, expenditures are recognized when the liability is incurred. 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.
b) Public Assistance Grants – Program expenditures represent federal reimbursement for eligible disaster assistance costs.
c) Disaster grants have been recorded once the eligible expenses have been incurred and the project has been approved.
De Minimis Rate Used: N
Rate Explanation: The Town of Yarmouth, Massachusetts has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.