Notes to SEFA
Title: NOTE A - ACCOUNTING BASI
Accounting Policies: The accounting policies of The Town conform to accounting principles generally accepted in
the United States of America as applicable to state and local governments.
De Minimis Rate Used: N
Rate Explanation: The Town of Sterling, Connecticut has not elected to use the 10% de Minimis indirect cost
rate.
BASIC FINANCIAL STATEMENTS
The accounting policies of The Town conform to accounting principles generally accepted in
the United States of America as applicable to state and local governments.
Title: NOTE A - ACCOUNTING BASIS
Accounting Policies: The accounting policies of The Town conform to accounting principles generally accepted in
the United States of America as applicable to state and local governments.
De Minimis Rate Used: N
Rate Explanation: The Town of Sterling, Connecticut has not elected to use the 10% de Minimis indirect cost
rate.
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
The accompanying schedule of expenditures of federal awards has been prepared on the
accrual basis consistent with the preparation of the basic financial statements. Information
included in the schedule of expenditures of federal awards is presented in accordance with the
requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance).
For cost reimbursement awards, revenues are recognized to the extent of expenditures.
Expenditures have been recognized to the extent the related obligation was incurred within the
applicable grant period and liquidated within 90 days after the end of the grant period.
For performance-based awards, revenues are recognized to the extent of performance achieved
during the grant period.
The Town of Sterling, Connecticut has not elected to use the 10% de Minimis indirect cost
rate.