Audit 45682

Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of federal award programs administered by the Town, which is described in Note 1 to the Town of Sandy Creek, New Yorks accompanying financial statements, using the modified accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information in the 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). Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable programs and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Town of Sandy Creek, New York's financial reporting system. The federal expenditures are recognized under the Uniform Guidance. Matching costs (the Town of Sandy Creek, New York's share of certain program costs) are not included in the reported expenditures. The basis of accounting varies by federal program consistent with the underlying regulators pertaining to each program. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.