Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Modified Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of Federal and State awards (SEFSA) includes the federal and State grant activity of the City of Roxboro under the programs of the federal government and the State of North Carolina for the year ended 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, UniformAdministrative 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 the City of Roxboro, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Roxboro.
Title: Summary of Significant Accounting Policies
Accounting Policies: Modified Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: N/A
Expenditures reported in the SEFSA 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 as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Modified Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: N/A
The City of Roxboro has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Loans
Accounting Policies: Modified Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: N/A
The City of Roxboro has the following loans without continuing compliance requirements: USDA Assistance Listing 10.76 with a balance of 23,323,000