Notes to SEFA
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of Rock Hall, Maryland under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Town of Rock Hall, Maryland, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of Rock Hall, Maryland.
Expenditures reported on the Schedule are reported on the 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.
The Town of Rock Hall, Maryland has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.