Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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 Fire District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award
activity of the Hoosick Falls Joint Fire District (Fire District) under programs of the federal government
or pass-through entities for the year ended December 31, 2024. 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
Fire District, it is not intended to, and does not, present the financial position, changes in net assets,
or cash flows of the Fire District.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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 Fire District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified 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.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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 Fire District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Fire District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4 - Bond Program
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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 Fire District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
During 2024, the Fire District received proceeds from a $1 million U.S. Department of Agriculture
(USDA) bond. The proceeds were utilized to purchase a used ladder truck in January 2025.
The Federal Government is at risk for bonds until the debt is repaid. The USDA bonds contain various
continuing compliance requirements, therefore, in accordance with 2 CFR 200.502 (b), the value of
new loans received during the audit period, plus the balance of bonds from previous years at the
beginning of the audit period for the Fire District, represents the value of federal awards expended
under the program.