Notes to SEFA
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10 percent de minimis indirect cost rate as allowed in the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Town under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with 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 Town, it is not intended to and does not present the financial position, changes in financial position, or cash flows of the Town.
Title: Summary of significant accountin 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10 percent de minimis indirect cost rate as allowed in the Uniform Guidance.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Town has elected not to use the 10 percent de minimis indirect cost rate as allowed in the Uniform Guidance.
Title: Subrecipients
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10 percent de minimis indirect cost rate as allowed in the Uniform Guidance.
The Town provided federal awards totaling $257,656 under Assistance Listing 14.228 Community Development Block Grants/State’s Program, $205,857 under Assistance Listing 21.027 Coronavirus State and Local Fiscal Recovery Funds, and $684 under Assistance Listing 45.310 Grants to States.
Title: Disaster Grants Public Assistance (Presidentially Declared Disasters) (ALN 97.036
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10 percent de minimis indirect cost rate as allowed in the Uniform Guidance.
The Town received $417,712 in funding under Assistance Listing 97.036 Disaster Grants - Public Assistance (Presidentially Declared Disasters) for eligible costs associated with the severe storm flooding of July 2023. This amount represents reimbursements for expenditures incurred in the year ended December 31, 2023, but for which project worksheets were approved in the year ended December 31, 2024. These reimbursements are reported on the SEFA for the year ended December 31, 2024, in accordance with FEMA guidelines.