Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures on the schedule are reported on the modified accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowed or are limited as to reimbursement. Grant identifying numbers as awarded or as assigned by pass-through entities are presented where available.
De Minimis Rate Used: N
Rate Explanation: The entity did not elect to use the de minimis cost rate
The schedule of expenditures of federal awards includes the federal award activity of the Town of Lebanon
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 US Code of Federal Regulations Part 200 Uniform
Administrative Requirement, Cost Principle and Audit Requirement for Federal Awards (Uniform Guidance).
Because the schedule presents only a selected portion of the operations of the Town, it is not intended to and
does not present the financial position, changes in net assets, or cash flows of the Town.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures on the schedule are reported on the modified accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowed or are limited as to reimbursement. Grant identifying numbers as awarded or as assigned by pass-through entities are presented where available.
De Minimis Rate Used: N
Rate Explanation: The entity did not elect to use the de minimis cost rate
Expenditures on the schedule are reported on the modified accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowed or are limited as to reimbursement. Grant identifying numbers as awarded or as assigned by pass-through entities are presented where available.
Title: Subrecipients
Accounting Policies: Expenditures on the schedule are reported on the modified accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowed or are limited as to reimbursement. Grant identifying numbers as awarded or as assigned by pass-through entities are presented where available.
De Minimis Rate Used: N
Rate Explanation: The entity did not elect to use the de minimis cost rate
The Town did not have any subrecipients for the year ended June 30, 2024.