Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of North Carolina Humanities Council and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: SUBRECIPIENT AWARDS
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Council obligated $195,370 from SO-283085-22 Regular Award of National Endowment for the Humanities funds, CFDA#45.129 for subrecipient awards during the year. The Council had $267,083 subrecipient awards payable from SO-263656-19 Regular Award, $103,837 from SO-283085-22, and $9,760 subrecipient awards payable from ZSO-283137-21 ARP Award for a total of $380,680.
Title: CARRYOVER OF UNEXPENDED AMOUNTS
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Council had $298,377 of unexpended federal funds related to the funding year ended October 31, 2021 for grant number SO-263656-19 for which the award period ends October 31, 2024 and $983,690 of unexpended funds related to the funding year ended October 31, 2022, related to grant number SO-283085-22, for which the award period ends October 31, 2027.