Notes to SEFA
Title: Matching Costs
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are
recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits
made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers
are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Matching costs, i.e., the Town’s share of certain program costs, are not included in the reported
expenditures.