Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Non-monetary assistance is reported in the schedule of federal awards at the estimated fair market value of property received and used.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10% de minimis indirect costs allocation option.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal activity of the Town under programs of the federal government for the fiscal year ended June 30, 2024.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Non-monetary assistance is reported in the schedule of federal awards at the estimated fair market value of property received and used.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10% de minimis indirect costs allocation option.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Non-monetary assistance is reported in the schedule of federal awards at the estimated fair market value of property received and used.
Title: Indirect Cost
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Non-monetary assistance is reported in the schedule of federal awards at the estimated fair market value of property received and used.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10% de minimis indirect costs allocation option.
The Town has not elected to use the 10% de minimis indirect costs allocation option.