Notes to SEFA
Title: MATCHING COSTS
Accounting Policies: The schedule of expenditures of federal awards is presented on the modified accrual basis of accounting and the amounts presented are derived from the Town’s general ledger. For programs with funding ceilings and caps, Federal expenditures are only recorded and presented in the schedule of expenditures of federal awards up to such amounts.
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 Town 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 Town does not use the de minimis election.
Matching costs, i.e., the Town’s share of certain program costs are not included in the schedule of expenditures of federal awards.
Title: Subrecipients
Accounting Policies: The schedule of expenditures of federal awards is presented on the modified accrual basis of accounting and the amounts presented are derived from the Town’s general ledger. For programs with funding ceilings and caps, Federal expenditures are only recorded and presented in the schedule of expenditures of federal awards up to such amounts.
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 Town 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 Town does not use the de minimis election.
The Town provided no federal awards to subrecipients during the year ended December 31, 2024.
Title: Noncash Assistance
Accounting Policies: The schedule of expenditures of federal awards is presented on the modified accrual basis of accounting and the amounts presented are derived from the Town’s general ledger. For programs with funding ceilings and caps, Federal expenditures are only recorded and presented in the schedule of expenditures of federal awards up to such amounts.
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 Town 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 Town does not use the de minimis election.
There were no federal awards expended in the form of noncash assistance by the Town during the year ended December 31, 2024.