Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: South Carolina Humanities Council, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of South Carolina Humanities Council, Inc., under programs of the federal government for the year ended October 31, 2023. The information in this Schedule is presented in accordance with the audit requirements of 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 South Carolina Humanities Council, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of South Carolina Humanities Council, Inc.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: South Carolina Humanities Council, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3 - Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: South Carolina Humanities Council, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Of the federal expenditures presented in the Schedule, South Carolina Humanities Council, Inc. provided a total of $292,741 in federal awards to subrecipients from its State Humanities Program award (Federal Assistance Listing #45.129).
Title: Note 4 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: South Carolina Humanities Council, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
South Carolina Humanities Council, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.