Audit 363400

Title: 1. Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administered by Town of Darien, New York (the Town), an entity as defined in Note 1 to the Town’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule of Expenditures of Federal Awards. Basis of Accounting The Town uses the modified accrual basis of accounting for each federal program, consistent with the fund basis financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Town’s financial reporting system. Indirect Costs The Town does not use the de minimis indirect cost rate permitted by the Uniform Guidance. Loan Balance Loans outstanding for the Town’s Water District #11 project amounted to $605,000 at December 31, 2024. De Minimis Rate Used: N Rate Explanation: Indirect Costs The Town does not use the de minimis indirect cost rate permitted by the Uniform Guidance. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administered by Town of Darien, New York (the Town), an entity as defined in Note 1 to the Town’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule of Expenditures of Federal Awards. Basis of Accounting The Town uses the modified accrual basis of accounting for each federal program, consistent with the fund basis financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Town’s financial reporting system. Indirect Costs The Town does not use the de minimis indirect cost rate permitted by the Uniform Guidance. Loan Balance Loans outstanding for the Town’s Water District #11 project amounted to $605,000 at December 31, 2024.