Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of the Town of Surfside Beach, South Carolina (the Town) for the year ended June 30, 2022. All federal awards received directly from the federal agencies, as well as those passed through other government agencies, are included on the Schedule. The accompanying Schedule is presented using the accrual basis of accounting. Federal award expenditures and expenses are reported in the Towns financial statements primarily in the General Fund and Pier Fund. Matching costs, i.e., the non-federal share of certain program costs, are not included in the accompanying Schedule. The Town did not provide any federal awards to sub-recipients during fiscal year 2022.
De Minimis Rate Used: N
Rate Explanation: The amount expended does not include any amounts claimed as an indirect cost recovery, as the Town elected not to use the 10% de minimis cost rate.