Notes to SEFA
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the Township of Haverford. The Township reporting entity is defined in Note A to the Township’s basic financial statements. Federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other governmental agencies is included on the schedule.
The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting, which is described in Note A to the Township’s basic financial statements.
Federal financial assistance revenues are reported in the Township’s financial statements in the General Fund, American Rescue Plan Fund, and other governmental funds
The Township has not elected to use the de minimis indirect cost rate as allowed in the Uniform Guidance, section 414.
During the current year, a difference was identified by the Township between the accrued or (deferred) revenue balance reported on the schedule of expenditures of federal awards at December 31, 2024 and the accrued or (deferred) revenue balance at January 1, 2025. The accrued or (deferred) revenue balance reported at December 31, 2024 was $(7,958,835); however, the accrued or (deferred) revenue balance at January 1, 2025 was adjusted to $(7,974,835). This difference resulted from the reversal of a $16,000 receivable related to the Flood Mitigation Assistance (ALN 97.029) federal award that had been recognized at December 31, 2024 but was subsequently determined to be invalid at January 1, 2025. It was determined that the $16,000 adjustment is immaterial and did not affect the results of the December 31, 2024 single audit report.