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 North Brookfield, Massachusetts, did not use the de minimis cost rate.
The accompany Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the Town of North Brookfield, 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 North Brookfield, Massachusetts, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of North Brookfield, 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 North Brookfield, Massachusetts, did not 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: 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 North Brookfield, Massachusetts, did not use the de minimis cost rate.
The Town of North Brookfield, Massachusetts, did not use the de minimis 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 North Brookfield, Massachusetts, did not use the de minimis cost rate.
The Town of North Brookfield, 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 North Brookfield, Massachusetts, did not use the de minimis cost rate.
As of June 30, 2024, the Town of North Brookfield, Massachusetts, had $174,960 in outstanding bonds due to the U. S. Department of Agriculture in its Governmental Activities and $688,884 in outstanding bonds due to the U. S. Department of Agriculture in its Water Business Type Fund. The bonds are maturing through 2036 and 2049 respectively. During the year ended June 30, 2024, the Town of North Brookfield, Massachusetts, paid $42,136 principal and $20,674 interest on these bonds. In August of 2024, the Town received $8,953,000 in bond proceeds with an interest rate of 2.125% from the United States Department of Agriculture to finance the Wastewater Treatment Facility construction projects. Principal payments will be due annually in August for 36 years. Interest is payable annually in August commencing August 2025. In August of 2024, the Town received $3,264,000 in bond proceeds with an interest rate of 1.50% from the United States Department of Agriculture to finance the Wastewater Treatment Facility construction projects. Principal payments will be due annually in August for 36 years. Interest is payable annually in August commencing August 2025.