Notes to SEFA
Title: Note A: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The schedule of federal grant activity (the Schedule) includes the federal award activity of the Town under programs of the
federal government for the fiscal year ended June 30, 2023. Because the Schedule presents only a selected portion of the
operations of the Town, it is not intended to, and does not present, the net position, or changes in net position of the Town.