The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the Town of Lenox, Massachusetts, under programs of the federal government for the year ended June 30, 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 Town of Lenox, Massachusetts, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of Lenox, Massachusetts.
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 Lenox, Massachusetts, did not use the de minimis cost rate.
The Town of Lenox, Massachusetts, receives non-cash commodities from the U.S. Department of Agriculture as part of the National School Lunch program. The amounts reported as non-cash assistance represent the fair market value of these commodities received during the year. The amounts reported as cash assistance represent federal reimbursement for meals provided.
The Town of Lenox, Massachusetts, was awarded funding on September 26, 2024, of a loan for $33,650,000 and a grant for $10,235,911 under the U. S. Department of Agriculture Water and Waste Disposal Systems for Rural Communities (Federal Assistance Listing Number 10.760). The Town of Lenox, Massachusetts has obtained interim financing in the form of bond anticipation notes from banks until the loan is issued near the close of the project. The Schedule includes $663,368 expended during the year ended June 30, 2025, using interim financing in anticipation of funds from the U. S. Department of Agriculture. The Schedule also includes $1,987,890 pre-award costs expended for design engineering in prior fiscal years in anticipation of the award using interim financing.