Audit 352814

Accounting Policies: NOTE 1. BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of Georgetown, South Carolina (the “City”), and is presented on the modified accrual basis of accounting for governmental fund types and the accrual basis of accounting for the proprietary fund types. The City reporting entity is described in Note 1 to the City’s basic financial statements. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. NOTE 2. DE MINIMIS INDIRECT COST RATE The City chose not to use the 10% de Minimis indirect cost rate for the year ended June 30, 2024. NOTE 3. NON-CASH AWARDS AND LOANS There were no federal awards expended in the form of noncash assistance during the fiscal year. There were also no loans or loan guarantees outstanding at year-end. De Minimis Rate Used: N Rate Explanation: During 2024, the City did not use the de-minimis indirect cost rate.