Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Club has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of Federal and State awards (SEFSA) includes the Federal and State grant activity of the Club under the programs of the federal government and the State of North
Carolina for the year ended December 31, 2024. The information in this SEFSA 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 and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the
operations of the Club, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Club.
Title: Note 2: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Club has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
Title: Note 3: Indirect Cost Rate
Accounting Policies: Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Club has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Club has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.