Notes to SEFA
Accounting Policies: The Town of Clifton Park, New York has prepared its all fund types and account groups financial statements in accordance with accounting principles generally accepted in the United States of America as applied to government units (GAAP). The Governmental Accounting Standards Board (GASB) is the accepted standards setting body for establishing GAAP for state and local governments through its pronouncements (Standards and Interpretation). The Town does not comply with GASB Statement No. 34, which requires the Town to present government-wide financial statements on a full accrual government-wide basis as well as the fund basis. The financial statements present only all fund types and account groups, and do not purport to, and do not present fairly the governemnt-wide net position or changes in net position of the Town.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.