Notes to SEFA
Title: SUBRECIPIENT RELATIONSHIPS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Town under programs of the federal government for the year ended March 31, 2023. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Pass-Through Entities
Pass-through entity identifying numbers are presented on the Schedule where available.
De Minimis Rate Used: Y
Rate Explanation: The Town has selected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
The Town did not remit any funds to subrecipients.