Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) includes the federal and state grant activity of Avery County under the programs of the federal government and the State of North Carolina for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and the Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of the financial statements. Because this Schedule presents only a limited portion of the operations of Avery County, it is not intended to and does not present the financial position or changes in net position of Avery County. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported in the Schedule are reported on the modified accrual basis of accounting. 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. Avery County has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.