Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Town elected not to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards does not include the federal grant
activity of the Board of Education or Greeneville Water Commission as separately issued audit reports
are prepared for these entities. Because the schedule presents only a selected portion of the operations
of the Town of Greeneville, it is not intended to and does not present the financial position, changes in
net position, or cash flows (as applicable) of the Town.