Audit 314539

Title: Basis of Presentation Accounting Policies: SEFA is presented using the modified accrual basis of accounting. Under the modified accrual basis of accounting, expenditures are recognized when the related liability is incurred. In instances where the grant agreement requires the Town of Davisboro, Georgia to match grants awards with Town funds, such matching funds are excluded from the accompanying SEFA. Grant programs that did not have 2023 transactions have not been presented herein. The majority of these programs have completed their program activities but may not have been formally closed out. Grant revenues and expenditures incrred prior to 2023 under these grants remain subject to audit by either the grantor agency or its representatives within the limits of Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The Town of Davisboro, Georgia does not utilize the 10% de minimis indirect cost rate. In instances where the grant agreement requires the Town of Davisboro, Georgia to match grants awards with Town funds, such matching funds are excluded from the accompanying SEFA. Grant programs that did not have 2023 transactions have not been presented herein. The majority of these programs have completed their program activities but may not have been formally closed out. Grant revenues and expenditures incrred prior to 2023 under these grants remain subject to audit by either the grantor agency or its representatives within the limits of Uniform Guidance. Federal Grant programs that are administered through State of Georgia agencies (pass-through awards) have been included in the SEFA. These programs are operated according to Federal regulations promulgated by the orginating federal agency providing the funding.