Notes to SEFA
Title: Note 1
Accounting Policies: Basis of Accounting - 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 and OMB for State Local and Indian Tribal Governments, wherein certain types of expenditures are not allowed or are limited Circular's Cost Principles as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: not used
Basis of Accounting - 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 and OMB for State Local and Indian Tribal Governments, wherein certain types of expenditures are not allowed or are limited Circular's Cost Principles as to reimbursement.
Title: Note 2
Accounting Policies: Basis of Accounting - 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 and OMB for State Local and Indian Tribal Governments, wherein certain types of expenditures are not allowed or are limited Circular's Cost Principles as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: not used
The Town has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.