Notes to SEFA
Title: Note A - General
Accounting Policies: The Township uses the modified accrual method of recording transactions. Revenues are recorded when measurable and available. Expenditures are recorded when incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of New Hanover Township. Federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other governmental agencies is included in the schedule.
Title: Note B - Basis of Accounting
Accounting Policies: The Township uses the modified accrual method of recording transactions. Revenues are recorded when measurable and available. Expenditures are recorded when incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting.
Title: Note C - Indirect Cost Rates
Accounting Policies: The Township uses the modified accrual method of recording transactions. Revenues are recorded when measurable and available. Expenditures are recorded when incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Township has not elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414.