Audit 349718

Title: I. BASIS OF PRESENTATION Accounting Policies: I. BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Town of Holden, 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 Holden, Massachusetts, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of Holden, Massachusetts. II. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying Schedule of Expenditures of Federal Awards is presented on the modified accrual basis of accounting. Accordingly expenditures are recognized when the liability is incurred. 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. III. IN DIRECT COST RATE The Town of Holden, Massachusetts has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance. V. SUBRECIPIENTS The Town of Holden, Massachusetts passed no federal awards through to sub-recipients during the period under audit. VI. DISASTER GRANTS Disaster Grants have been recorded in the year the grant was approved, except for grant expenditures related to the Coronavirus Pandemic. De Minimis Rate Used: N Rate Explanation: The Town of Holden, Massachusetts has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Town of Holden, 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 Holden, Massachusetts, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of Holden, Massachusetts.

Title: II. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: I. BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Town of Holden, 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 Holden, Massachusetts, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of Holden, Massachusetts. II. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying Schedule of Expenditures of Federal Awards is presented on the modified accrual basis of accounting. Accordingly expenditures are recognized when the liability is incurred. 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. III. IN DIRECT COST RATE The Town of Holden, Massachusetts has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance. V. SUBRECIPIENTS The Town of Holden, Massachusetts passed no federal awards through to sub-recipients during the period under audit. VI. DISASTER GRANTS Disaster Grants have been recorded in the year the grant was approved, except for grant expenditures related to the Coronavirus Pandemic. De Minimis Rate Used: N Rate Explanation: The Town of Holden, Massachusetts has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards is presented on the modified accrual basis of accounting. Accordingly expenditures are recognized when the liability is incurred. 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: III. IN DIRECT COST RATE Accounting Policies: I. BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Town of Holden, 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 Holden, Massachusetts, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of Holden, Massachusetts. II. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying Schedule of Expenditures of Federal Awards is presented on the modified accrual basis of accounting. Accordingly expenditures are recognized when the liability is incurred. 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. III. IN DIRECT COST RATE The Town of Holden, Massachusetts has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance. V. SUBRECIPIENTS The Town of Holden, Massachusetts passed no federal awards through to sub-recipients during the period under audit. VI. DISASTER GRANTS Disaster Grants have been recorded in the year the grant was approved, except for grant expenditures related to the Coronavirus Pandemic. De Minimis Rate Used: N Rate Explanation: The Town of Holden, Massachusetts has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance. The Town of Holden, Massachusetts has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.

Title: V. SUBRECIPIENTS Accounting Policies: I. BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Town of Holden, 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 Holden, Massachusetts, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of Holden, Massachusetts. II. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying Schedule of Expenditures of Federal Awards is presented on the modified accrual basis of accounting. Accordingly expenditures are recognized when the liability is incurred. 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. III. IN DIRECT COST RATE The Town of Holden, Massachusetts has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance. V. SUBRECIPIENTS The Town of Holden, Massachusetts passed no federal awards through to sub-recipients during the period under audit. VI. DISASTER GRANTS Disaster Grants have been recorded in the year the grant was approved, except for grant expenditures related to the Coronavirus Pandemic. De Minimis Rate Used: N Rate Explanation: The Town of Holden, Massachusetts has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance. The Town of Holden, Massachusetts passed no federal awards through to sub-recipients during the period under audit.

Title: VI. DISASTER GRANTS Accounting Policies: I. BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Town of Holden, 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 Holden, Massachusetts, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of Holden, Massachusetts. II. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying Schedule of Expenditures of Federal Awards is presented on the modified accrual basis of accounting. Accordingly expenditures are recognized when the liability is incurred. 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. III. IN DIRECT COST RATE The Town of Holden, Massachusetts has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance. V. SUBRECIPIENTS The Town of Holden, Massachusetts passed no federal awards through to sub-recipients during the period under audit. VI. DISASTER GRANTS Disaster Grants have been recorded in the year the grant was approved, except for grant expenditures related to the Coronavirus Pandemic. De Minimis Rate Used: N Rate Explanation: The Town of Holden, Massachusetts has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance. Disaster Grants have been recorded in the year the grant was approved, except for grant expenditures related to the Coronavirus Pandemic.