Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (SEFSA) includes the federal and state grant activity of the Town of Clayton under the programs of the federal government and State of North Carolina for year ended June 30, 2024. The information in this SEFSA is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Because the SEFSA presents only a select portion of the operations of the Town of Clayton, it isnot intended to and does not present the financial position, changes in net position, or cash flows of the Town of Clayton.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.