Title: BASIS OF PRESENTATION
Accounting Policies: The Town’s summary of significant accounting policies is presented in Note 2 in the Town’s basic financial statements. Governmental funds account for the Town’s grant activity. Amounts reported in the Schedule for governmental funds are recognized on the modified accrual basis when they become a demand on current available federal resources and other program requirements are met. Available means collectible within the current period, or soon enough thereafter, to pay liabilities of the current period or when matured. The Town considers all revenue as available, if it is anticipated to be collected within one year after the financial statement date. Such expenditures are recognized following, as applicable, the cost principles in OMB A-87 or the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements or reports to federal agencies.
De Minimis Rate Used: N
Rate Explanation: The Town does not usually receive indirect costs on its grants and so has had no need for an indirect cost rate of the de-minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of the Town of Bennett, Colorado (the Town), for the year ended December 31, 2023. 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Town. The Schedule includes federally funded projects received directly from federal agencies and the federal amount of pass-through awards received by the Town through the State of Colorado or other non-federal entities.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The Town’s summary of significant accounting policies is presented in Note 2 in the Town’s basic financial statements. Governmental funds account for the Town’s grant activity. Amounts reported in the Schedule for governmental funds are recognized on the modified accrual basis when they become a demand on current available federal resources and other program requirements are met. Available means collectible within the current period, or soon enough thereafter, to pay liabilities of the current period or when matured. The Town considers all revenue as available, if it is anticipated to be collected within one year after the financial statement date. Such expenditures are recognized following, as applicable, the cost principles in OMB A-87 or the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements or reports to federal agencies.
De Minimis Rate Used: N
Rate Explanation: The Town does not usually receive indirect costs on its grants and so has had no need for an indirect cost rate of the de-minimis cost rate.
The Town’s summary of significant accounting policies is presented in Note 2 in the Town’s basic financial statements. Governmental funds account for the Town’s grant activity. Amounts reported in the Schedule for governmental funds are recognized on the modified accrual basis when they become a demand on current available federal resources and other program requirements are met. Available means collectible within the current period, or soon enough thereafter, to pay liabilities of the current period or when matured. The Town considers all revenue as available, if it is anticipated to be collected within one year after the financial statement date. Such expenditures are recognized following, as applicable, the cost principles in OMB A-87 or the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements or reports to federal agencies.
Title: INDIRECT COSTS
Accounting Policies: The Town’s summary of significant accounting policies is presented in Note 2 in the Town’s basic financial statements. Governmental funds account for the Town’s grant activity. Amounts reported in the Schedule for governmental funds are recognized on the modified accrual basis when they become a demand on current available federal resources and other program requirements are met. Available means collectible within the current period, or soon enough thereafter, to pay liabilities of the current period or when matured. The Town considers all revenue as available, if it is anticipated to be collected within one year after the financial statement date. Such expenditures are recognized following, as applicable, the cost principles in OMB A-87 or the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements or reports to federal agencies.
De Minimis Rate Used: N
Rate Explanation: The Town does not usually receive indirect costs on its grants and so has had no need for an indirect cost rate of the de-minimis cost rate.
The Town has not elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414.
Title: CONTINGENT LIABILITIES
Accounting Policies: The Town’s summary of significant accounting policies is presented in Note 2 in the Town’s basic financial statements. Governmental funds account for the Town’s grant activity. Amounts reported in the Schedule for governmental funds are recognized on the modified accrual basis when they become a demand on current available federal resources and other program requirements are met. Available means collectible within the current period, or soon enough thereafter, to pay liabilities of the current period or when matured. The Town considers all revenue as available, if it is anticipated to be collected within one year after the financial statement date. Such expenditures are recognized following, as applicable, the cost principles in OMB A-87 or the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements or reports to federal agencies.
De Minimis Rate Used: N
Rate Explanation: The Town does not usually receive indirect costs on its grants and so has had no need for an indirect cost rate of the de-minimis cost rate.
Although the Schedule of Expenditures of Federal Awards is prepared to the best of the Town's knowledge and belief, amounts received or receivable from grantor agencies are subject to audit and adjustment by the grantor agencies, principally the federal government. Any disallowed claims, including the amount already collected, may constitute a liability of the applicable funds. The amount of expenditures which may be disallowed by the grantor, if any, cannot be determined at this time. The Town does not believe any disallowed costs will be material.