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VILLAGE OF GOWANDA, NEW YORK Notes to the Schedule of Expenditures of Federal Awards May 31, 2025 1, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of the Village of Gowanda (the “Village”) under programs of the federal government for the year ended May 31, 2025. The information in this 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 Village, it is not intended to and does not present the financial position, changes in net position or cash flows of the Village. The following notes were identified on the Schedule: A.) Includes all federal award programs of the Village of Gowanda. B.) Source: Federal Assistance Listing Numbers. C.) Pass-through entity identifying numbers are presented where available. D.) Prepared under accounting principles generally accepted in the United States of Ametica and includes all federal programs. 2. BASIS OF ACCOUNTING The Village used the modified accrual basis of accounting for each federal program, consistent with the fund basis financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable program and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled with the Village’s financial reporting system. 3. INDIRECT COSTS The Village does not use the 10% de minimum indirect cost rate introduced by the Uniform Guidance. 4. HAZARD MITIGATION GRANT (FEMA GRANT) The Village is the recipient of a Hazard Mitigation grant adiministered through the Federal Emergency Management Authority (“FEMA”). This grant is a cost-sharing grant, with the federal government financing 75% of the cost of the project and New York State financing the remaining 25%, The Village expended $2,426,088 of federal reimbursable costs during the current year and $734,836 of federal reimbursable costs during years prior to the current year. 43