Notes to SEFA
Title: Note 1
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in the notes to the Town's basic financial statements
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Town of Kershaw for the year ended June 30, 2023. All federal awards received directly from federal agencies as well as those passed through other government agencies are included in the Schedule.
Title: Note 2
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in the notes to the Town's basic financial statements
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in the notes to the Town's basic financial statements.
Title: Note 3
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in the notes to the Town's basic financial statements
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
Federal award expenditures are reported in the Town's basic financial statements as expenditures in the Special Revenue Funds.
Title: Note 4
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in the notes to the Town's basic financial statements
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
Difference between the amount of revenue from federal awards and the related expenditures are recognized as either deferred revenue or receivables in the basic financial statements. The amounts recorded on the Schedule of Expenditures of Federal Awards agree with the amounts recorded in the basic financial statements.