Notes to SEFA
Accounting Policies: A. BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of all federal award
programs of the City of Liberty, South Carolina (the “City”) for the year ended June 30, 2023. Expenditures for federal financial
assistance awarded directly from federal agencies, as well as those passed through other government agencies, are included on
the Schedule.
B. BASIS OF ACCOUNTING
The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in the notes to the
City’s financial statements.
C. RELATIONSHIP TO THE FINANCIAL STATEMENTS
Federal award expenditures are reported in the City’s financial statements generally as expenditures or expenses in the City’s
General Fund and enterprise funds.
D. MATCHING COSTS
Matching costs (i.e., the non-federal share of certain program costs) are not included in the accompanying Schedule.
E. INDIRECT COST RATE
The City has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.