Notes to SEFA
Title: Note 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the SEFA are reported on 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: The Town has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the SEFA) includes the federal award activity of the Town under programs of the federal government for the year ended December 31, 2024. The information in this SEFA is presented in accordance with the requirements of Uniform Guidance. Because the SEFA presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town.
Title: Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the SEFA are reported on 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: The Town has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
(1) Expenditures reported on the SEFA are reported on 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.
(2) The Town has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 3 - FINDINGS OF NONCOMPLIANCE
Accounting Policies: Expenditures reported on the SEFA are reported on 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: The Town has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no Federal award findings or questioned costs reported during the audit for the year ended December 31, 2024.
Title: Note 4 - RECONCILIATION TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the SEFA are reported on 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: The Town has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Reconciliation of federal awards to the financial statements
Title: Note 5 - SUBRECIPIENTS
Accounting Policies: Expenditures reported on the SEFA are reported on 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: The Town has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Town did not pass-through any of its federal awards to a subrecipient during the fiscal year.
Title: Note 6 - NON-CASH ASSISTANCE
Accounting Policies: Expenditures reported on the SEFA are reported on 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: The Town has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
No Federal awards were expended in the form of non-cash assistance during the fiscal year.