Notes to SEFA
Title: Note 1: Basis of Presentation
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.
De Minimis Rate Used: N
Rate Explanation: The Town of Sharpsburg has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of Federal and State awards (SEFSA) includes the federal and State grant activity of the Town of Sharpsburg
under the programs of the federal government and the State of North Carolina for the year ended June 30, 2024. The information in this SEFSA is
presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Because the Schedule presents only a selected
portion of the operations of the Town of Sharpsburg, it is not intended to and does not present the financial position, changes in net position, or cash
flows of the Town of Sharpsburg
Title: Note 2: Summary of Significant Accounting Policies
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.
De Minimis Rate Used: N
Rate Explanation: The Town of Sharpsburg has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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.
Title: Note 3: Indirect Cost Rate
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.
De Minimis Rate Used: N
Rate Explanation: The Town of Sharpsburg has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Town of Sharpsburg has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.