The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of the Village of Fairport, New York (Village) under programs of the federal government or pass-through entities for the year ended May 31, 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). For purposes of this Schedule, federal awards include assistance provided by a federal agency, directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, and loan guarantees, and other non-cash assistance for the year ended May 31, 2025, using the modified accrual basis of accounting. Negative amounts, if any, on the Schedule represent adjustments or credits made to prior-year expenditures in the normal course of business.
Federal award revenues are reported in the Village’s financial statements as federal aid. The Village’s financial statements are presented using the modified accrual basis of accounting. The Schedule presents only a select portion of the activities of the Village. It is not intended to, and does not, present the financial position, statement of activities, or other changes in net assets of the Village.
Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. The Village has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Matching costs represent the Village’s share of certain program costs and are not included in the Schedule.
There were no federal awards expended in the form of non-cash assistance by the Village during the year ended May 31, 2025.
The Village had no federal loans or loan guarantees outstanding as of May 31, 2025.
The Village did not participate in any federal programs during the year ended May 31, 2025.
The Village did not provide any money to subrecipients during the year ended May 31, 2025.