Notes to SEFA
Title: Note 1 -- Basis of Presentation
Accounting Policies: Note 2 -- Summary of Significant Accounting Policies
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Note 3 -- De Minimis Cost Rate
The Town did not elect to use the 10 percent de minimis indirect cost rate as it typically only requests direct costs for reimbursement.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of Stuart, Virginia under programs of the federal government for the year ended June 30, 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 the Town of Stuart, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of Stuart, Virginia.
Title: Note 4 -- Subrecipients
Accounting Policies: Note 2 -- Summary of Significant Accounting Policies
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Note 3 -- De Minimis Cost Rate
The Town did not elect to use the 10 percent de minimis indirect cost rate as it typically only requests direct costs for reimbursement.
The Town did not have any subrecipients during 2024.
Title: Note 5 -- Relationship to the Financial Statements
Accounting Policies: Note 2 -- Summary of Significant Accounting Policies
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Note 3 -- De Minimis Cost Rate
The Town did not elect to use the 10 percent de minimis indirect cost rate as it typically only requests direct costs for reimbursement.
Federal expenditures, revenues and capital contributions are reported in the Town's basic financial statements as follows: