Notes to SEFA
Title: Note 1—Basis of presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and 09 NCAC 03M, wherein certain types of expenditure are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Company has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Carolinas AGC Foundation, Inc. (the “Company”) under the Coronavirus State and Local Fiscal Recovery Funds Program of the North Carolina Office of State Budget and Management for the year ended December 31, 2023. The information in the 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”); and the provisions established by Chapter 09 of the North Carolina Administrative Code Subchapter 3M (“09 NCAC 03M”), Uniform Administration of State Awards of Financial Assistance. Because the Schedule presents only a selected portion of the operations of the Company, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Company.
Title: Note 3—Subsequent events
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and 09 NCAC 03M, wherein certain types of expenditure are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Company has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Company has evaluated subsequent events through July 22, 2024, in connection with the preparation of the Schedule, which is the date the Schedule was available to be issued.