Notes to SEFA
Title: NONCASH AWARDS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Ansonia, Connecticut, under programs of the federal government for the year ended June 30, 2022. 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). Because the Schedule presents only a selected portion of the operations of the City of Ansonia, Connecticut, it is not intended to, and does not, present the financial position, changes in fund balance, changes in net position, or cash flows of the City of Ansonia, Connecticut. Basis of Accounting: The financial statements contained in the City of Ansonia, Connecticuts annual audit report are prepared on a modified accrual basis. The following is a summary of such basis: Revenues are recognized when earned. Certain grants are recognized based on grant award since they are considered entitlement grants; other grants, which are dependent upon expenditure factors for determining eligibility, recognize grant revenue to the extent of expenditures. Expenditures are recorded on a modified accrual basis.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Donated commodities in the amount of $79,946 are included in the Department of Agricultures National School Lunch Program, CFDA #10.555. This amount represents the market value of commodities received.