Notes to SEFA
Title: Cluster of Programs
Accounting Policies: Expenditures reported in 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 Town of Chapel Hill has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Powell Bill expenditures as reported above represent eligible expenditures reported to the North Carolina Department of Transportation (NCDOT) for the fiscal year ending June 30, 2024. The Town is required to report annually to the NCDOT on the accumulated unspent Powell Bill funds. As of June 30, 2024, the Town had no unspent Powell Bill funds. The amount calculated as interest is based on the prior year interest rate which was used as an estimate for the current year.
De Minimis Rate Used: N
Rate Explanation: The Town has not adopted the 10% de minimus indirect cost rate allowed under Uniform Guidance.
The following is clustered by the NC Department of Transportation and is treated separately for state audit requirement purposes:
Highway Planning, Research, and Construction