Notes to SEFA
Accounting Policies: Expenditures reported in the SEPSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Swain County Schools has elected not to use the 10-percent de minimis cost rate as allowed under the Uniform Guidance.