Notes to SEFA
Accounting Policies: Note A - Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) incluldes the federal award activity of the Town under programs of the federal government for the year ended June 30, 2022. Because the Schedule presents only selected portion of the operations of the Town, it is not intended and does not present the financial position, changes in net assets, or cash flows of the Town.Note B - Summary of Significant Accounting Policies - Expeditures reported on the Schedule are reported using the modified cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expeditures are not allowable or are limited as to reimbursement. The Town has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.