Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Village’s financial reporting system. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Matching costs (the Village’s share of certain program costs) are not included in the reported expenditures.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Incorporated Village of Farmingdale has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes
the federal award activity of the Incorporated Village of Farmingdale (the “Village”) under
programs of the federal government for the year ended May 31, 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 Village, it is not intended to and does not present the financial position, changes in net position or fund balance of the Village.
Title: Basis of Accounting
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Village’s financial reporting system. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Matching costs (the Village’s share of certain program costs) are not included in the reported expenditures.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Incorporated Village of Farmingdale has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified 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. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Village’s financial reporting system. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Matching costs (the Village’s share of certain program costs) are not included in the reported expenditures.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received, which is provided by New York State.
Title: Indirect Costs
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Village’s financial reporting system. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Matching costs (the Village’s share of certain program costs) are not included in the reported expenditures.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Incorporated Village of Farmingdale has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Incorporated Village of Farmingdale has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Village’s financial reporting system. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Matching costs (the Village’s share of certain program costs) are not included in the reported expenditures.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Incorporated Village of Farmingdale has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
No amounts were provided to third party subrecipients.
Title: Other Disclosures
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Village’s financial reporting system. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Matching costs (the Village’s share of certain program costs) are not included in the reported expenditures.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Incorporated Village of Farmingdale has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
No insurance is carried specifically to cover equipment purchased with federal funds. Any equipment purchased with federal funds has only a nominal value, and is covered by the Village’s casualty insurance policies.
There were no loans or loan guarantees outstanding at year end.
Title: Major Program Determination
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Village’s financial reporting system. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Matching costs (the Village’s share of certain program costs) are not included in the reported expenditures.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Incorporated Village of Farmingdale has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Village was not deemed to be a “low-risk auditee”, therefore, major programs were determined based on 40% of total federal award expenditures.