Notes to SEFA
Accounting Policies: THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AND STATE AWARDS INCLUDES THE FEDERAL AND STATE GRANT ACTIVITY OF THE CITY OF MARION UNDER PROGRAMS OF THE FEDERAL GOVERNMENT AND THE STATE OF NC FOR THE YEAR ENDED JUNE 30, 2024. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH REQUIREMENTS OF TITLE 2 US CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND THE AUDIT REQUIREMENTS FOR FEDERAL AWARDS AND THE STATE SINGLE AUDIT IMPLEMENTATION ACT. SOME AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS PRESENTED IN OR USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS. BECAUSE THE SCHEDULE PRESENTS ONLY A LIMITED PORTION OF THE OPERATIONS OF THE CITY OF MARION, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET POSITION, OR CASH FLOWS OF THE CITY.
De Minimis Rate Used: N
Rate Explanation: EXPENDITURES IN THE SEFSA ARE REPORTED ON THE MODIFIED ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.