Notes to SEFA
Title: Food Donation Program
Accounting Policies: PURPOSE OF THE SCHEDULEThe Uniform Guidance requires a Schedule of Expenditures of Federal Awards showing total expenditures for each federal award program as identified in the catalog of Federal Domestic Assistance (CFDA).SIGNIFICANT ACCOUNTING POLICIES1.REPORTING ENTITYThe accompanying schedule includes all federal award programs of The Town of Madawaska, Maine for the fiscal year ended June 30, 2022. The reporting entity is defined in the Notes to the Financial Statements of The Town of Madawaska, Maine.2.BASIS OF PRESENTATIONThe information in this schedule is presented in accordance with the requirements of the Uniform Guidance. a.Federal financial assistance is defined as assistance provided by federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. b.The Uniform Guidance establishes the level of expenditures to be used in defining major federal financial award programs. Major programs for the Town have been identified in the Schedule of Findings and Questioned Costs.3.BASIS OF ACCOUNTINGThe information presented in the Schedule of Expenditures of Federal Awards is presented on a basis consistent with the Countys basic financial statements. The grants included are all accounted for on a modified accrual basis of accounting which is described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Town of Madawaska, Maine reports commodities consumed on the Schedule at the fair value (or entitlement value). The Government allocated donated food commodities to the respective program(s) that benefitted from the use of those donated food commodities.
Title: Loan Balances
Accounting Policies: PURPOSE OF THE SCHEDULEThe Uniform Guidance requires a Schedule of Expenditures of Federal Awards showing total expenditures for each federal award program as identified in the catalog of Federal Domestic Assistance (CFDA).SIGNIFICANT ACCOUNTING POLICIES1.REPORTING ENTITYThe accompanying schedule includes all federal award programs of The Town of Madawaska, Maine for the fiscal year ended June 30, 2022. The reporting entity is defined in the Notes to the Financial Statements of The Town of Madawaska, Maine.2.BASIS OF PRESENTATIONThe information in this schedule is presented in accordance with the requirements of the Uniform Guidance. a.Federal financial assistance is defined as assistance provided by federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. b.The Uniform Guidance establishes the level of expenditures to be used in defining major federal financial award programs. Major programs for the Town have been identified in the Schedule of Findings and Questioned Costs.3.BASIS OF ACCOUNTINGThe information presented in the Schedule of Expenditures of Federal Awards is presented on a basis consistent with the Countys basic financial statements. The grants included are all accounted for on a modified accrual basis of accounting which is described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There are no loan programs.