Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying SEFSA is presented using the modified accrual basis of accounting, which is the described in the notes to the Town's financial statements.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Federal and State Awards (SEFSA) presents the activity of all federal and state award programs of the Town of Waxhaw, North Carolina (the "Town") for the year ended June 30, 2023. Expenditures for federal and state financial assistance awarded directly from the federal or state agencies, as well as those passed through other entities, are included on the SEFSA. The information in this SEFSA 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") and the State Single Audit Implementation Act.