Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") presents the activity of all federal award programs of McCormick School District No. 1, South Carolina (the "District") for the year ended June 30, 2022. All federal awards received directly from the federal agencies, as well as those passed through other government agencies, are included on the Schedule. The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in the notes to the District's financial statements. Federal award expenditures are reported in the District's financial statements in the General Fund, Special Revenue Fund, and the Special Revenue - Food Service Fund primarily as expenditures and as prepaids in certain cases. Amounts reported in the accompanying Schedule agree with the amounts reported in the related federal financial reports except for timing differences relating to expenditures made subsequent to the filing of the federal financial reports.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.