Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-87,
Cost Principles for State, Local, and Indian Tribal Governments or cost principles contained in Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: Lumber River Council of Governments has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of LRCOG under the programs of the federal government and the
State of North Carolina for the year ended June 30, 2023. The information in this SEFSA is presented in accordance with the requirements of Office of Management and Budget (OMB) Circular A-
133, Audits of States, Local Governments, and Non-Profit Organizations and the State Single Audit Implementation Act. Because the SEFSA presents only a select portion of the operations of
LRCOG, it is not intended to and does not present the financial position, changes in net assets or cash flows of the LRCOG.