Notes to SEFA
Accounting Policies: NOTE 1. BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes thefederal award activity of the City of Goose Creek, South Carolina (the City) under programs of thefederal government for the year ended December 31, 2022.The information in the Schedule is presented in accordance with Title 2 U.S. Code of FederalRegulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of operations of the City, it is not intended to and does not present the financialposition, changes in net position, or cash flows of the City.NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the modified accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.NOTE 3. INDIRECT COST RATEThe City has elected not to use the 10% de Minimis indirect cost rate allowed under the UniformGuidance.NOTE 4. NON-CASH AWARDSThe City did not receive any non-cash federal awards during the year ended December 31, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.