Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (schedule) includes the federal award activity of the Town of Church Point (Town) under programs of the federal government for the year ended September 30, 2022. 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 (Unifonm Guidance).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. The accompanying schedule of expenditures of federal awards is reported in accordance with accounting principles generally accepted in the United States of America as applied to governmental units. 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.