Notes to SEFA
Title: NON-CASH ASSISTANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is described in note 1 to the Village’s financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the Village to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The Village does not use the de minimis election.
The Village did not receive non-cash assistance from any federal agencies during the fiscal year ended May 31, 2024.
Title: WATER AND WASTE DISPOSAL SYSTEMS FOR RURAL COMMUNITIES PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is described in note 1 to the Village’s financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the Village to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The Village does not use the de minimis election.
The Village has included $5,103,000 from interim financing with the Water and Waste Disposal Systems for Rural Communities Program in the schedule of expenditures of federal awards for the NYS Route 812 Sewer Corridor and Treatment Consolidation Project. Additional expenditures under this program that were subject to reimbursement amounted to $1,336,736. The project was completed in May 2024 and the interim financing was converted to long-term financing.