Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and
the State Single Audit Implementation Act, wherein certain types of expenditures are not allowable
or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation did not elect to use the 10-percent de minimis cost rate.
The accompanying Schedule of Expenditures of Federal and State Awards (SEFSA) includes the
grant activity of Union County Charter Foundation, Inc. (the Foundation) 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, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance) and the State Single Audit Implementation
Act of North Carolina. Because the Schedule presents only a selected portion of the operations of
the Association, it is not intended to and does not present the financial position, changes in net
position or cash flows of the Foundation.
Title: Note 2 Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and
the State Single Audit Implementation Act, wherein certain types of expenditures are not allowable
or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation did not elect to use the 10-percent de minimis cost rate.
Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance and
the State Single Audit Implementation Act, 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 accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and
the State Single Audit Implementation Act, wherein certain types of expenditures are not allowable
or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation did not elect to use the 10-percent de minimis cost rate.
The Foundation did not elect to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.