Notes to SEFA
Title: Matching Costs
Accounting Policies: The schedule of expenditures of federal awards is presented on the modified accrual basis of accounting and the amounts presented are derived from the Towns general ledger. For programs with funding ceilings and caps, Federal expenditures are only recorded and presented in the schedule of expenditures of federal awards up to such amounts.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent such costs are included in the Federal financial reports used as the source for the data presented. The Town does not use the 10% de minimis election.
Matching costs, i.e., the Towns share of certain program costs are not included in the schedule of expenditures of federal awards.