Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the costprinciples 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 auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of Southwestern NorthCarolina Planning and Economic Development Commission under the programs of the federal government and the State of North Carolina for the yearended June 30, 2022. The information in this SEFSA is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State Single Audit Implementation Act.Because the Schedule presents only a selected portion of the operations of Southwestern North Carolina Planning and Economic DevelopmentCommission, it is not intended to and does not present the financial position, changes in net assets or cash flows of Southwestern North Carolina Planningand Economic Development Commission.