Notes to SEFA
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal
award activity of the City of Goose Creek, South Carolina (the “City”) under programs of the federal
government for the year ended December 31, 2024.
The information in the Schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations
(CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance). Because the Schedule presents only a selected portion of operations of the
City, it is not intended to and does not present the financial position, changes in net position, or cash flows
of the City.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
NOTE 3 – INDIRECT COST RATE
The City has elected not to use the 10% de Minimis indirect cost rate allowed under the Uniform Guidance.
NOTE 4 – NON-CASH AWARDS
The City did not receive any non-cash federal awards during the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: NOTE 3 – INDIRECT COST RATE
The City has elected not to use the 10% de Minimis indirect cost rate allowed under the Uniform Guidance.