Notes to SEFA
Title: NOTE 1—BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is described in Note 1 to the Town’s basic financial statements. 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 auditee did not claim indirect costs associated with the federal award grants
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Town of Swanzey, New Hampshire (the Town) under programs of the federal government for the year ended December 31, 2023. 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, it is not intended to and does not present the financial position or changes in net position of the Town.
Title: NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is described in Note 1 to the Town’s basic financial statements. 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 auditee did not claim indirect costs associated with the federal award grants
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is described in Note 1 of the Town’s basic financial statements. 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.
Title: NOTE 3—INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is described in Note 1 to the Town’s basic financial statements. 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 auditee did not claim indirect costs associated with the federal award grants
The Town has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 4—RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is described in Note 1 to the Town’s basic financial statements. 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 auditee did not claim indirect costs associated with the federal award grants
The recognition of expenditures of federal awards on the Schedule pertaining to the Disaster Grants – Public Assistance (Presidentially Declared Disasters) federal grant program in the amount of $92,276 represents eligible expenditures which occurred in a prior year.