Title: 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements. Negative amounts shown on the SEFSA, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Morehead City has elected not to use the 10-percent de minimus 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 Morehead City 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 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the State Single Audit Implementation Act. Because the SEFSA presents only a select portion of the operations of Morehead City, it is not intended to and does not present the financial position, changes in net position or cash flows of Morehead City. There were no federal or State awards passed through to subrecipients for the year ended June 30, 2024.
Title: 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements. Negative amounts shown on the SEFSA, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Morehead City has elected not to use the 10-percent de minimus 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements. Negative amounts shown on the SEFSA, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Loans Outstanding
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements. Negative amounts shown on the SEFSA, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Morehead City has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Morehead City has outstanding loan balances from federal and State funding sources that are not required to be presented within the SEFSA because there are no continuing requirements beyond the repayment of the loan balances in accordance with loan agreement provisions. Loans outstanding at June 30, 2024 consist of: Amount
Program Title Outstanding
Clean Water Revolving Loan Fund $ 50,000
Clean Water State Revolving Loan Fund 3,750,000
Drinking Water State Revolving Loan Fund 193,500
Water Treatment Facilities 525,000
Clean Water State Revolving Loan Fund 1,925,000
Title: Indirect Cost
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements. Negative amounts shown on the SEFSA, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Morehead City has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Morehead City has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.