Notes to SEFA
Title: BASIS OF PRESENTATON
Accounting Policies: Expenditures reported on the schedule are reported on the full accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented
where available.
De Minimis Rate Used: N
Rate Explanation: The City has elected to not use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of City of Williamston (the City) under programs of the federal government for the year ended June 30, 2024. The
information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) 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 present its financial position or changes in net position of the City.
Title: RECONCILIATION WITH AUDITED FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the schedule are reported on the full accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented
where available.
De Minimis Rate Used: N
Rate Explanation: The City has elected to not use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance
Federal expenditures are reported as revenues in the following funds in the financial statements of the City:
Fund Amount
General Fund 1,638
Sewer Fund 366,700
Water Fund 1,304,119
Total federal revenues/capital contributions per financial statements 1,672,457
Plus: Current year unavailable federal revenue 305,583
Federal revenues subject to single audit 1,978,040