Notes to SEFA
Title: Note 4 - Subrecipient Relationships
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of the Town under programs of the federal government for the year ended March 31, 2022. Theinformation in this Schedule is presented in accordance with the requirements of Uniform Guidance,Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents onlya selected portion of the operations of the Town, it is not intended to and does not present the financialposition, changes in net position, or cash flows of the Town.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpendituresExpenditures reported on the Schedule are reported on the accrual basis of accounting.Pass-Through EntitiesPass-through entity identifying numbers are presented on the Schedule where available.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Town did not remit any funds to subrecipients.