Audit 363776

Title: NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of Town of Silt, Colorado and is presented on the accrual basis of accounting. The information on the SEFA is presented in accordance with the requirements of Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general-purpose financial statements. Expenditures represent only the federally funded portions of the program. The Town records should be consulted to determine amounts expended or matched from nonfederal sources. De Minimis Rate Used: N Rate Explanation: The Town has elected to not use the 10% de minimus indirect cost rate, as allowed under the Uniform Guidance. Basis of Presentation The Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of Town of Silt, Colorado and is presented on the accrual basis of accounting. The information on the SEFA is presented in accordance with the requirements of Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general-purpose financial statements. Expenditures represent only the federally funded portions of the program. The Town records should be consulted to determine amounts expended or matched from nonfederal sources. The Town has elected to not use the 10% de minimus indirect cost rate, as allowed under the Uniform Guidance. Program Costs The amounts shown as current-year expenses represent only the federal grant portion of the program costs. Entire program costs, including the Town’s local matching share, may be more than shown.