Notes to SEFA
Title: Basis of Presentation
Accounting Policies: USE OF ACCRUAL ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: NEGOTIATED INDIRECT COST RATE
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Town of White Stone, Virginia for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts in, or used in, the preparation of the basic financial statements.
Title: Summary of Significant Accounting Policies
Accounting Policies: USE OF ACCRUAL ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: NEGOTIATED INDIRECT COST RATE
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