Notes to SEFA
Title: NOTE A -- BASIS OF PRESENTATION
Accounting Policies: NOTE 8 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting as described in
Note A to the financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: The Partnership has elected not to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.
TThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of South Carolina Manufacturing Extension Partnership (the "Partnership") 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 Partnership,
it is not intended to and does not present the financial position, changes in net assets, or cash flows of
the Partnership.
Title: NOTE B -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE 8 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting as described in
Note A to the financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: The Partnership has elected not to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting as described in
Note A to the financial statements. 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.
Title: NOTE C -- INDIRECT COST RATE
Accounting Policies: NOTE 8 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting as described in
Note A to the financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: The Partnership has elected not to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.
The Partnership has elected not to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.