Notes to SEFA
Title: INTEREST SUBSIDY & RECONCILIATION TO FEDERAL REVENUES IN FINANCIAL STATEMEN
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of The School District of Georgetown County and is presented on the modified 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 Requirement, Cost Principles, and audit requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the de minimis ten percent (10%) indirect cost rate as allowed under the Uniform Guidance.
During the year ended June 30, 2022 the District expended federal interest subsidies in the amount of $839,864. These amounts, while included as federal revenue on the governmental fund statements, are not included in the schedule of expenditures of federal awards.