Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual and modified accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, OMB Circular A-87 Cost Principles for State, Local and Indian Tribal Governments, or OMB Circular A-122 Cost Principles for Non-Profit Organizations where certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Buena Vista Charter Township has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Buena Vista Charter Township 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 Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Buena Vista Charter Township, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Buena Vista Charter Township.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual and modified accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, OMB Circular A-87 Cost Principles for State, Local and Indian Tribal Governments, or OMB Circular A-122 Cost Principles for Non-Profit Organizations where certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Buena Vista Charter Township has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Township passed through no funds to subrecipients.