Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Town of Refugio, Texas under programs of the federal government for the year ended September 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 operation of Town of Refugio, Texas, it is not intended to be and does not present the financial position, changes in net assets, or cash flows of Town of Refugio, Texas.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Town of Refugio, Texas did not elect to use the 15% de Minimis indirect cost rate as allowed under the Uniform Guidance.