Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is described in Note 1 of the County's basic financial statements. 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.
De Minimis Rate Used: Y
Rate Explanation: The County has elected to use the 10% de minimis indirect cost rate for awards through October 31, 2024, and 15% thereafter, as allowed under the Uniform Guidance
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the County of Cheshire, New Hampshire (the “County”) under programs of the federal government for the year ended December 31, 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 Requirement for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the County, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is described in Note 1 of the County's basic financial statements. 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.
De Minimis Rate Used: Y
Rate Explanation: The County has elected to use the 10% de minimis indirect cost rate for awards through October 31, 2024, and 15% thereafter, as allowed under the Uniform Guidance
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is described in Note 1 of the County’s basic financial statements. 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 shown on the Schedule represent a realignment or change in funding source made in the normal course of business to amounts reported as expenditures in the prior years.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is described in Note 1 of the County's basic financial statements. 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.
De Minimis Rate Used: Y
Rate Explanation: The County has elected to use the 10% de minimis indirect cost rate for awards through October 31, 2024, and 15% thereafter, as allowed under the Uniform Guidance
The County has elected to use the 10-percent deminimus indirect cost rate for awards received through October 1, 2024, or the 15-percent thereafter, as allowed under Uniform Guidance
Title: Loan
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is described in Note 1 of the County's basic financial statements. 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.
De Minimis Rate Used: Y
Rate Explanation: The County has elected to use the 10% de minimis indirect cost rate for awards through October 31, 2024, and 15% thereafter, as allowed under the Uniform Guidance
During the year ended December 31, 2024, the County received loan forgiveness from the State of New Hampshire Office of Governor in the amount of $920,768. This amount was previously reported on the Schedule of Expenditures of Federal Awards for the year ended December 31, 2023, funded through the State Fiscal Recovery Funds ALN 21.027. The balance of this loan as of December 31, 2024 is $0.