Notes to SEFA
The accompanying schedule of federal awards (the "Schedule") includes the federal grant activity of the Village of Farwell (the "Village") under programs of the federal government for the year ended February 28, 2025. 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 Village, it is not intended to and does not present the financial position, changes in position or cash flows of the Village. Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Village's financial statements. 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 reimbursemetn. Pass-through entity identifying numbers are presented were available. Federal expenditures form the Schedule reconcile to federal grant revenues in the February 28, 2025 basic financial statements.
For purposes of charging indirect costs to federal awards, the Village has not elected to use the de minimis cost rates as permitted by 200.414 of the Uniform Guidance.