Audit 365081

Title: NOTE 3 - OTHER FEDERAL ASSISTANCE Accounting Policies: Basis of Presentation The  accounting  policies  of  the  Town  of  Canterbury,  Connecticut,  (the  Town)  conform  to  accounting  principles  generally accepted in the United States of America as applicable to governmental organizations. The information in the schedule of expenditures of federal awards 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 of expenditures of federal awards presents only a selected portion of the operations of the Town, it is not intended to, and does not, present the financial position, changes in fund balances, changes in net position or cash flows of the Town. Basis of Accounting The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the basic financial statements. Certain grants are not dependent on expenditure activity, and accordingly, are considered to be expended in the fiscal year of receipt. These grant program receipts are reflected in the expenditure column of the schedule of expenditures of federal awards. De Minimis Rate Used: N Rate Explanation: The Town has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. The Town has no federal awards for which an indirect cost rate is applicable. The  United  States  Department  of  Agriculture  provides  commodities  to  the  Town’s  schools.  An  amount  of  $10,939 is reflected in the expenditures column in the accompanying schedule of expenditures of federal awards, which represents the fair market value of such commodities received during the year ended June 30, 2024.