Notes to SEFA
Major Program
The accompanying schedule of expenditures of federal awards includes the federal award activity of the Town of Chilhowie. Virginia under programs of the federal government for the year ended June 30, 2023. 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). Becuase the Schedule presents only a selected portion of the operationsof the Town of Chilhowie, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of Chilhowie, Virginia.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. The Tow did not elect the 10% de minimus indirect cost rate becuase they only request direct costs for reimbursement.
The Town did not have any subrecipients for the year ended June 30, 2023
Amounts reported in the accompanying schedule agree with the amounts reported in the related financial reports except for changes made to reflect amounts in accordance with generally accepted accounting principles.