Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: INDIRECT COSTS NOT APPLICABLE TO ANY EXPENDITURES
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of Salisbury, Connecticut 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit requirements for Federal Awards (Uniform Guidance)
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: INDIRECT COSTS NOT APPLICABLE TO ANY EXPENDITURES
Expenditures reported on the Schedule are reported using the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards. Under these principles certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Contingencies
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: INDIRECT COSTS NOT APPLICABLE TO ANY EXPENDITURES
The Town receives funds under various Federal grant programs and such awards are to be expended in accordance with the provisions of the various grants. Compliance with the grants is subject to audit by various government agencies which may impose sanctions in the event of a non-compliance. Management believes that they have complied with all aspects of the various grant provisions and the results if adjustments, if any, relating to such audits would have any material financial impact.
Title: Indirect Costs
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: INDIRECT COSTS NOT APPLICABLE TO ANY EXPENDITURES
The Town has elected not to use the 10% de minimis indirect cost rate provided under Section 200.414 of the Uniform Guidance.