Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Nonmonetary assistance is reported in the schedule of federal awards as the estimated fair value of the property received and used.
De Minimis Rate Used: N
Rate Explanation: The Town elected not to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards does not include the federal grant activity of the Board of Education or Greeneville Water Commission as separately issued audit reports are prepared for these entities. Because the schedule presents only a selected portion of the operations of the Town of Greeneville, it is not intended to and does not present the financial position, changes in net position, or cash flows (as applicable) of the Town.