Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the schedule of expenditures of federal and state awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for the Federal Awards, wherein certain types of expendtiures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to charge a 10 percent de minimis indirect cost rate to its grants and has not elected to obtain a federal indirect cost rate.
The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of the Town under the programs of the federal government and the State of North Carolina for the year ended June 30, 2024. Because the Schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town.