Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the SEFSA are reported on the modified 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: N
Rate Explanation: The County did not utilize the 10% de Minimis indirect cost rate permitted by the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal and State Awards (the “SEFSA”) includes the federal and state award activity of Montgomery County, North Carolina (the “County”) under programs of the federal government and the State of North Carolina for the year ended June 30, 2023. The information in this SEFSA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the State Single Audit Implementation Act. Because the SEFSA presents only a selected portion of the operations of the County, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County. Expenditures reported on the SEFSA are reported on the modified 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.
Title: Balances of Federally Funded Loans
Accounting Policies: Expenditures reported on the SEFSA are reported on the modified 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: N
Rate Explanation: The County did not utilize the 10% de Minimis indirect cost rate permitted by the Uniform Guidance.
As of June 30, 2023, the County has federally funded loans outstanding as follows: United States Department of Agriculture - $64,057,900.