Notes to SEFA
Accounting Policies: NOTE 1. BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity
of the Town of Seabrook Island, South Carolina (the “Town”), and is presented on the modified
accrual basis of accounting.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S.
Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards. 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 Town chose not to use the 10% de minimis cost rate for the year ended December 31, 2024.
NOTE 3. NON-CASH AWARDS
The Town did not receive non-cash federal awards during the year ended December 31, 2024.
NOTE 4. SUBRECIPIENTS
The Town did not pass through any grant funds to subrecipients for the year ended December 31,
2024.
De Minimis Rate Used: N
Rate Explanation: During 2024, the Town did not use the de-minimis indirect cost rate.