Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures 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.
De Minimis Rate Used: N
Rate Explanation: The Township of Standish did not elect to use a flat de minimis rate of 10% of modified total direct costs for their indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Township of Standish under programs of the federal government for the year ended March 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 Township of Standish, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Township of Standish.
Title: Reconciliation to Financial Statements
Accounting Policies: Expenditures 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.
De Minimis Rate Used: N
Rate Explanation: The Township of Standish did not elect to use a flat de minimis rate of 10% of modified total direct costs for their indirect cost rate.
Federal revenue presented in the financial statements $2,066,107 Additions to Federal Loans for capital projects presented in the financial statements as bonds payable, but are Federal Expenditures of the Township of Standish. 1,882,389 Federal revenue on the Schedule of Expenditures of Federal Awards $3,948,496