Notes to SEFA
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent
adjustments or credits made in the normal course of business to amounts reported as expenditures in prior
years. Pass-through entity identifying numbers are presented where available. The Town has elected not to
use the 10 percent de-minimus indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to
use the 10 percent de-minimus indirect cost rate as allowed under Uniform Guidance.