Notes to SEFA
Title: Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The City of Florence has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) The City has elected to use the 10 percent de minimis indirect cost reate as allowed under the Uniform Guidance.
Title: Outstanding Loans
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The City of Florence has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
At June 30, 2023, the City had the following outstanding loans: U.S. Envrionmental Protection Agency, Timmonsville Sewer System Rehabilitation - Phase 2, CFDA No. 66.458 - $4,366,033.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The City of Florence has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Of the federal expenditures presented in the Schedule, the City provided federal awards to subrecipients as follows: CFDA Number 14.218, Community Development Block Grants - $63,476 Amount Provided to Subrecipients.