Notes to SEFA
Title: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), using the cash 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. Therefore, information presented in the schedule of expenditures of federal awards may differ from the expenditures presented in the Town’s financial statements for the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: THE TOWN DOES NOT ALLOCATE ANY COSTS OR EXPENSES TO FEDERAL PROGRAMS.
The accompanying schedule of expenditures of federal awards is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), using the cash 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. Therefore, information presented in the schedule of expenditures of federal awards may differ from the expenditures presented in the Town’s financial statements for the year ended December 31, 2024.
Title: DE MINIMUS COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), using the cash 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. Therefore, information presented in the schedule of expenditures of federal awards may differ from the expenditures presented in the Town’s financial statements for the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: THE TOWN DOES NOT ALLOCATE ANY COSTS OR EXPENSES TO FEDERAL PROGRAMS.
The Town has not allocated indirect cost to its federal awards through a federally negotiated indirect cost rate and has elected not to use the 10% de minimus cost rate allowed under the Uniform Guidance.