Notes to SEFA
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniformed Gudiance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town of Oak Island has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.