Notes to SEFA
Accounting Policies: GENERAL: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of all federal award programs of Pickens County, South Carolina (the “County”) for the year ended June 30, 2023. Expenditures for federal financial assistance awarded directly from the federal agencies, as well as those passed through other government agencies, are included on the Schedule. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the financial statements. The non-federal share of certain program costs and loans are not included in the accompanying Schedule. BASIS OF ACCOUNTING: The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in the notes to the County’s financial statements. RELATIONSHIP TO FINANCIAL STATEMENTS: Federal award expenditures are reported in the County’s financial statements in the special revenue funds as expenditures and in the enterprise funds primarily as expenses and as capital assets in certain cases.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.