Notes to SEFA
Title: Description
Accounting Policies: The financial activity shown on the Schedule of Expenditures of Federal Awards reflects amounts recorded by the System during its fiscal year October 1, 2021 through September 30, 2022 and accordingly, does not include a full years financial activity for grants awarded or terminated on dates not coinciding with the Commissions fiscal year. The System reports these on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Town of Saluda Commission of Public Works (the Commission) has adopted Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards were adopted to fulfill the financial and compliance audit requirements of federal grantor agencies. For purposes of implementing Uniform Guidance, federal grant and loan awards were made susceptible to audit and are included in the Schedule of Expenditures of Federal Awards.
Title: Basis for Determining Federal Awards Expended
Accounting Policies: The financial activity shown on the Schedule of Expenditures of Federal Awards reflects amounts recorded by the System during its fiscal year October 1, 2021 through September 30, 2022 and accordingly, does not include a full years financial activity for grants awarded or terminated on dates not coinciding with the Commissions fiscal year. The System reports these on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Commission expended a total of $835,458 in federal awards from October 1, 2021, through September 30, 2022. Of this balance, $835,458 was expenditures related to the Drinking Water State Revolving Fund. The outstanding balance for the 2020 Water and Sewer System Revenue Bond was $3,508,779 as of September 30, 2022, with a remaining $627,777 remaining to be disbursed.