Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Town of Marlborough, New Hampshire (the Town) under programs of the federal government for the year ended December 31, 2024. 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 Town of Marlborough, New Hampshire, it is not intended to and does not present the financial position or changes in net position of the Town of Marlborough, New Hampshire
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is described in Note 1 to the Town’s basic 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 reimbursement.
The Town of Marlborough, New Hampshire has not elected to use the 10-percent de minimis indirect cost rate for awards received through October 1, 2024, or the 15-percent rate thereafter, as allowed under the Uniform Guidance.
During the year ended December 31, 2024, the Town received a loan from the State of New Hampshire Community Development Finance Authority, funded through the Coronavirus State and Local Fiscal Recovery Funds (ALN 21.027). The balance of this loan outstanding on December 31, 2024 is $834,800.