Notes to SEFA
Title: Basis of Presentation
Accounting Policies: See tab form.
De Minimis Rate Used: N
Rate Explanation: See tab form.
The accompanying Schedule of Expenditures of federal and State Awards (SEFSA) includes the Federal and State grant activity of the City of Elizabeth 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 the City of Elizabeth City, it is not intended to and does not present the financial position, change
in net position or cash flows of the City of Elizabeth City.
Title: Summary of Significant Accounting Policies
Accounting Policies: See tab form.
De Minimis Rate Used: N
Rate Explanation: See tab form.
Expenditures reported in the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the costs principles contained in the UG, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
Title: Indirect Cost
Accounting Policies: See tab form.
De Minimis Rate Used: N
Rate Explanation: See tab form.
The City has elected not to use the 10-percent de minimus indirect cost rate as allowed under the UG.
Title: Loans Outstanding
Accounting Policies: See tab form.
De Minimis Rate Used: N
Rate Explanation: See tab form.
NC Department of Environmental Quality-Division of Water Infrastructure for the fiscal year ended June 30, 2024. State Revolving Loan, $596,433.