Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Modified Accrual Basis
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Town of Whitmire, South Carolina (the “Town”) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presneted in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net position or cash flows of the Town.
Title: Summary of Significant Accounting Policies
Accounting Policies: Modified Accrual Basis
De Minimis Rate Used: N
Rate Explanation: N/A
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance)
wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass‐through entity
identifying numbers are presented where available.
Title: Indirect Cost Rate
Accounting Policies: Modified Accrual Basis
De Minimis Rate Used: N
Rate Explanation: N/A
The Town has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: Loans Outstanding
Accounting Policies: Modified Accrual Basis
De Minimis Rate Used: N
Rate Explanation: N/A
The Town had the following loan balances outstanding at June 30, 2023. Loans made during the year are included in the federal expenditures presented in the Schedule.