Notes to SEFA
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable
or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town of Limon has elected not to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.
Limon Child Development Center has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable
or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town of Limon has elected not to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of The Town of Limon under programs of the federal government for the year ended December 31, 2022. 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 Limon Child Development Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Town of Limon.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable
or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town of Limon has elected not to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.
Expenditures reported on the Schedule are reported on thea accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.