Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the full accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The Village has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The above schedule of expenditures of federal awards (the "Schedule") includes all federal award activity of the Village of Red Hook, New York (Village) under programs of the federal government for the year ended May 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 the Village it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Village.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the full accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The Village has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Village has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4 - Loan and Loan Guarantee Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the full accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The Village has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Village received a low interest loan from the US Department of Agriculture (USDA) under the Water & Waste Disposal Loan & Grant Program. Expenditures reimbursable by the USDA loan are included in the Schedule. Loans outstanding at the beginning of the year are excluded from the Schedule in accordance with 2 CFR 200.502(b) since the Village is not subject to any continuing compliance requirements other than repayment of the loan.
Title: Note 5 - Coronavirus State and Local Fiscal Recovery Funds
Accounting Policies: Expenditures reported on the Schedule are reported on the full accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The Village has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Village received $99,644 in Coronavirus State and Local Fiscal Recovery Funds in the fiscal year ended May 31, 2022 as a result of the American Rescue Plan (ARP). The Village received an additional $100,050 in funding in the year ended May 31, 2023. This funding is advanced to the Village until certain restrictions are met. Funding not utilized or incurred for project costs by December 31, 2024 and expended by December 31, 2026 will be returned to the United States Treasury. As of May 31, 2022, the Village has received $68,115 that remains unspent.