Notes to SEFA
Title: Note 1 - General
Accounting Policies: Expenditures reported in the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of Carlisle, South Carolina under programs of the federal government for the year ended June 30, 2023 and has been prepared in accordance with accounting principles generally accepted in the United States of America. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code fo Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Town of Carlisle, South Carolina, it is not intented to and does not present the financial position, change in net assets, or cash flows of the Town of Carlisle, South Carolina.
Title: Note 2 - Basis of Accounting
Accounting Policies: Expenditures reported in the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Auditee used the de minimis cost rate.
Expenditures reported on the Schedule are reported on the 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 reimbursement. Amounts included in the Schedule are actual expenditures for the year ended June 30, 2023. Differences between amounts included in the Schedule and amounts reported to funding agencies for these programs result from report timing.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported in the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Auditee used the de minimis cost rate.
The Town of Carlisle, South Carolina has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.