Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the SEFSA are presented on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Amounts shown as current year expenditures represent only the federal award portion of the program costs. Town of Davidson does not charge indirect costs against grants and awards.
The accompanying schedule of expenditures of federal and state awards (SEFA) includes the federal and state grant activity of the Town of Davidson under the federal programs and the State of North Carolina for the year ended June 30, 2023. The information in this SEFA is presented in accordance with the requirements of Title 2 US Code of Regulations, Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements of federal awards and the State Single Audit Implementation Act. Because the schedule presents only a selected portion of the operations of the Town of Davidson, it is not intended to and does not present the financial positions, changes in net position or cash flows of the Town of Davidson.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the SEFSA are presented on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Amounts shown as current year expenditures represent only the federal award portion of the program costs. Town of Davidson does not charge indirect costs against grants and awards.
Expenditures reported in the SEFSA are presented on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.