Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: MODIFIED ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: The Town of La Grange has elected not to use the 10% 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 the Town of La Grange 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, 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 financial position, changes in net assets or cash flows of the Town.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: MODIFIED ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: The Town of La Grange has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported in the SEFSA are reported on the modified 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. Pass-through entity identifying numbers are presented where available.
Title: INDIRECT COST RATE
Accounting Policies: MODIFIED ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: The Town of La Grange has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Town of La Grange has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.