Notes to SEFA
Accounting Policies: (a) Basis of Presentation – The accompanying Schedule of expenditure of Federal Awards is presented on the modified accrual basis of accounting. Accordingly, expenditures are recognized when the liability is incurred. 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.
(b) Cash Assistance – Child Nutrition Cluster - Program expenditures represent federal reimbursement for meals provided during the fiscal year.
(c) Non-Cash Assistance (Commodities) – Child Nutrition Cluster – Program expenditures represent the value of donated foods received during the fiscal year.
(d) Disaster grants have been recorded in the year the grant was approved.
De Minimis Rate Used: N
Rate Explanation: The Town of Swampscott, Massachusetts has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.