Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accounting policies on the SEFA have been designed to conform to the generally accepted accounting principles as applicable to governmental units, including the reporting and compliance requirements of the Audits of States, Local Govermnents, and Non-profit Organizations and office of managementn and Budget Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: This rate was not elected to be used by the Town.
Expenditures 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 allowed or are limited as to reimbursement.