Notes to SEFA
Title: Note 1—Basis of presentation
Accounting Policies: Expenditures reported on the SEFSA are reported on the modified 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.
The Library has not contracted or made awards to any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Library has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The information in the schedule of expenditures of federal and state awards (“SEFSA”) 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”), the Audit Manual for Governmental Auditors in North Carolina, and the State Single Audit Implementation Act. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.