Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Town of Warwick under programs of the federal government 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 of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Town of Warwick, it is not intended to, and does not, present the financial position or changes in fund balance/net position of the Town of Warwick.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
Of the federal expenditures presented in the Schedule, the Town of Warwick provided the following federal awards to sub-recipients.
The federal expenditures presented in the Schedule reconcile to the State and Federal revenue reported in the Statement of Revenues, Expenditures and Changes in Fund Balance as follows:
The Town of Warwick has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.