Notes to SEFA
Accounting Policies: GENERAL: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of all federal award programs of the City of Pickens, South Carolina (the “City”) for the year ended June 30, 2023. Expenditures for federal financial assistance awarded directly from the federal agencies, as well as those passed through other government agencies, are included on the Schedule. BASIS OF ACCOUNTING: The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in the notes to the City’s financial statements. RELATIONSHIP TO THE FINANCIAL STATEMENTS: Federal award expenditures for all programs are reported in the City’s financial statements primarily as expenditures in the General Fund and Special Revenue Funds and as capital asset additions in the Proprietary Fund. MATCHING COSTS: Matching costs, i.e., the non-federal share of certain program costs, are not included in the accompanying Schedule. SUB-RECIPIENTS: There were no federal expenditures provided to sub-recipients presented in the accompanying Schedule.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.