Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost
Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or
are limited as to reimbursement. b) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the “Schedule”) reports the costs of federal
award activity on the accrual basis of accounting. The Schedule includes the federal award activity of the
Charleston Wine & Food Festival for the year ended June 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 (Uniform Guidance). Because the Schedule presents only a selected portion
of the operations of the Charleston Wine & Food Festival, it is not intended to and does not present the
financial position, changes in net assets, or cash flows of the Charleston Wine & Food Festival.