Notes to SEFA
Title: Basis of presentation
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Expenditures are recognized following the cost printiples contained in UG, wherein certain typees of expenditures are not allowable or are limited as to reimbursement.
The accompaying schedule of expenditures of Fed and State awards includes the Fed and State grant activity of the Town under the programs of the federal government and the State of NC for the year ended June 30, 2018. The information in this SEFSA is presented in accourdance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the finanical position, changes in net position, or cash flows of the Town.
Title: Summary of Significant Accounting Principles
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Expenditures are recognized following the cost printiples contained in UG, wherein certain typees of expenditures are not allowable or are limited as to reimbursement.
Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in UG, wherein certain types of expenditures are not allowable or are liminted as to reimbursement.