Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (1)Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2)Pass-through entity identifying numbers are presented where available.(3)The Town did not elect to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimis cost rate
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of Dumfries, Virgina 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 Dumfries, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of Dumfries, Virginia.
Title: Relationship to Financial Statements
Accounting Policies: (1)Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2)Pass-through entity identifying numbers are presented where available.(3)The Town did not elect to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimis cost rate
Federal expenditures, revenues and capital contributions are reported in the Town's basic financial statements as follows: See Notes to the SEFA for table.