Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. The amounts reported as Federal expenditures were obtained from the Federal financial reports for the applicable program and period. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Town’s financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimus cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Town’s policy is not to charge federal award programs with indirect costs.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of federal award programs administered by the Town, which is described in Note 1 to the Town’s accompanying financial statements, using the modified cash basis of accounting. Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the Town’s financial statements. Federal awards that are included in the Schedule may be received directly from Federal agencies, as well as Federal awards that are passed through from other government agencies. The information presented in the 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).
Title: Note 2 - Summary of Certain Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. The amounts reported as Federal expenditures were obtained from the Federal financial reports for the applicable program and period. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Town’s financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimus cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Town’s policy is not to charge federal award programs with indirect costs.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. The amounts reported as Federal expenditures were obtained from the Federal financial reports for the applicable program and period. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Town’s financial reporting system.
Title: Note 3 – Scope of Audit
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. The amounts reported as Federal expenditures were obtained from the Federal financial reports for the applicable program and period. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Town’s financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimus cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Town’s policy is not to charge federal award programs with indirect costs.
The Town is an independent municipal corporation. All Federal grant operations of the Town are included in the scope of the single audit.
Title: Note 4 – Non-Monetary Assistance
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. The amounts reported as Federal expenditures were obtained from the Federal financial reports for the applicable program and period. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Town’s financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimus cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Town’s policy is not to charge federal award programs with indirect costs.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. For the year ended June 30, 2024, the Town received $0 in non-monetary assistance.
Title: Note 5 – Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. The amounts reported as Federal expenditures were obtained from the Federal financial reports for the applicable program and period. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Town’s financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimus cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Town’s policy is not to charge federal award programs with indirect costs.
The Town did not elect to use the 10% de minimus cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Town’s policy is not to charge federal award programs with indirect costs.
Title: Note 6 – Other Disclosures
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. The amounts reported as Federal expenditures were obtained from the Federal financial reports for the applicable program and period. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Town’s financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimus cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Town’s policy is not to charge federal award programs with indirect costs.
No insurance is carried specifically to cover equipment purchased with Federal funds. Equipment purchased with Federal funds is covered by the Town’s casualty insurance policy.