Audit 42329

Title: Loan/loan guarantee outstanding balances Accounting Policies: Note 1 - Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Town of Peru, New York under programs of the federal government for the year ended December 31, 2022. 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 operations of the Town of Peru, New York, it is not intended to and does not present the statement of revenues, expenditures, and changes in fund balance of the Town of Peru, New York.Note 2 - Summary of Certain Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.Note 3 - SubrecipientsThe Town of Peru, New York provided federal awards to subrecipients as follows:NoneNote 4 Scope of AuditThe Town is an independent corporation. All federal grant operations of the Organization are included in the scope of the single audit.Note 5 Non-monetary assistanceNonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. For the year ended December 31, 2022, the Organization received no non-monetary assistance.Note 6 Indirect Cost RateThe Town did not elect to use the 10% de minimus cost rate.Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Towns policy is not to charge federal award programs with indirect cost. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. WATER AND WASTE DISPOSAL SYSTEMS FOR RURAL COMMUNITIES (10.760) - Balances outstanding at the end of the audit period were 2470000.