Notes to SEFA
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the Upper Gwynedd Township. 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 and Capital Reserve Fund.
The Township has not elected to use the de minimis indirect cost rate as allowed in the Uniform Guidance, section 414.