Notes to SEFA
Borough of Irwin is the reporting entity for financial reporting purposes as defined in Note 1 to the Borough’s financial statements
The accompanying schedule of expenditures of federal awards has been prepared on the cash basis and budget laws of Pennsylvania. The cash basis method of accounting, which is another comprehensive basis of accounting, recognizes receipts as revenues when cash or its equivalent is actually received rather than when earned, and recognizes a purchase for goods acquired or a service rendered to the Borough as an expenditure when the goods or services are actually paid for rather than when incurred. Accordingly, the accounting policies of the Borough do not conform to generally accepted accounting principles as applicable to governments and as promulgated by the Governmental Accounting Standards Board and the American Institute of Public Accountants. The Borough of Irwin did not elect to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.