Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: 0
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Town of Lovettsville, Virginia under programs of the federal government for the year ended June 30, 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 Town of Lovettsville, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of Town of Lovettsville, Virginia.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: 0
(1) Expenditures reported on the Schedule 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 allowable or are limited as to reimbursement.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: 0
(2) Pass-through entity identifying numbers are presented where available.
Title: Note C - Subrecipients
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: 0
No awards were passed through to subrecipients.
Title: Note D - De Minimis Cost Rate
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: 0
The Town did not elect to use the 10-percent de minimis indirect cost rate under Uniform Guidance
Title: Note E - Loan Balances
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: 0
The Town has no loan guarantees which are subject to reporting requirements for the current year.