Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The SEFA is prepared on the cash basis of accounting
De Minimis Rate Used: N
Rate Explanation: Indirect costs are allocated on a functional basis
The accompanying schedule of expenditures of federal awards includes the American Rescue Plan Act Fund activity of the Development Authority of Cherokee County and is presented on the cash basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.