Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City of Marion did not elect to use the 10% de minimis cost rate as covered in 2 CFR Part 200.414.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Marion under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 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 City it is not intended to and does not represent the financial position or changes in net position of the City.
Title: Pass through to Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City of Marion did not elect to use the 10% de minimis cost rate as covered in 2 CFR Part 200.414.
There were no awards passed through to subrecipients included in this Schedule for the year ended June 30, 2023.
Title: Outstanding Debt to Office of Regulatory Staff
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City of Marion did not elect to use the 10% de minimis cost rate as covered in 2 CFR Part 200.414.
The City owes $69,202 to the SC Office of the Regulatory Staff as of June 30, 2023.