Notes to SEFA
Title: Note 1 -- Basis of Presentation
Accounting Policies: Note 2 -- Summary of Significant Accounting Policies
The County did not have any loans or loan guarantees which are subject to reporting requirements for the year.
Expenditures reported on the Schedule (SEFSA) are reported on the 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 County did not elect to use the 10 percent de minimis indirect cost rate because they only request direct costs for reimbursement.
The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state grant activity of Alleghany County under programs of the federal government
and the State of North Carolina 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 Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the State Single Audit Implementation Act. Because the Schedule
presents only a selected portion of the operations of Alleghany County, it is not intended to and does not present the financial position, changes in net position, or cash flows of Alleghany County.
Title: Note 3 -- Cluster of Program
Accounting Policies: Note 2 -- Summary of Significant Accounting Policies
The County did not have any loans or loan guarantees which are subject to reporting requirements for the year.
Expenditures reported on the Schedule (SEFSA) are reported on the 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 County did not elect to use the 10 percent de minimis indirect cost rate because they only request direct costs for reimbursement.
Subsidized Child Care and Foster Care Adoption are clustered by the NC Department of Health and Human Services and are treated separately for state audit requirement purposes.
Title: Note 4 -- Subrecipients
Accounting Policies: Note 2 -- Summary of Significant Accounting Policies
The County did not have any loans or loan guarantees which are subject to reporting requirements for the year.
Expenditures reported on the Schedule (SEFSA) are reported on the 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 County did not elect to use the 10 percent de minimis indirect cost rate because they only request direct costs for reimbursement.
Alleghany County did not have any subrecipients for 2024.
Title: Note 5 -- Other Financial Assistance:
Accounting Policies: Note 2 -- Summary of Significant Accounting Policies
The County did not have any loans or loan guarantees which are subject to reporting requirements for the year.
Expenditures reported on the Schedule (SEFSA) are reported on the 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 County did not elect to use the 10 percent de minimis indirect cost rate because they only request direct costs for reimbursement.
The North Carolina State and Local Government Finance Division and the Local Government Commission has required opioid funding be included in review of state funding compliance.
Title: Note 6 -- Relationship to the Financial Statements:
Accounting Policies: Note 2 -- Summary of Significant Accounting Policies
The County did not have any loans or loan guarantees which are subject to reporting requirements for the year.
Expenditures reported on the Schedule (SEFSA) are reported on the 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 County did not elect to use the 10 percent de minimis indirect cost rate because they only request direct costs for reimbursement.
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows: See Chart in notes to SEFA