Title: #1 BASIS OF PRESENTATION
Accounting Policies: 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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT NEED TO USE
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Chesaning-Brady Fire Administrative Board under programs of the federal government for the year ended March 31, 2025. 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 the Chesaning-Brady Fire Administrative Board, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Chesaning-Brady Fire Administrative Board.
Title: #2 SUMMARY OF SIGN ACCTG POLICIES
Accounting Policies: 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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT NEED TO USE
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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes USDA loan balances for community facilities loans with continuing compliance requirements.
Title: #3 LOANS OUTSTANDING
Accounting Policies: 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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT NEED TO USE
See the Notes to the SEFA for chart/table instead
Title: #4 RECONCILIATION OF SEFA TO F.S.
Accounting Policies: 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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT NEED TO USE
See the Notes to the SEFA for chart/table instead
Title: #5 DE MINIMIS INDIRECT COST RATE
Accounting Policies: 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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT NEED TO USE
The Fire Board did not elect to use the 10% de minimis indirect cost rate.