Notes to SEFA
The accompanying Schedule of Expenditures of federal and State Awards (SEFSA) includes the Federal and State grant activity of the City of Elizabeth City under the programs of the federal government and the State of North Carolina for the year ended June 30, 2025. 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, Costs Principles, and Audit Requirements for Federal Awards ( Uniform Guidance) and the State Single Audit Implementation Act. Because the SEFSA presents only a select portion of the operations of the City of Elizabeth City, it is not intended to and does not present the financial position, change in net position or cash flows of the City of Elizabeth City.
Expenditures reported in the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the costs principles contained in the UG, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
The City has elected not to use the 10-percent de minimus indirect cost rate as allowed under the UG.
NC Department of Environmental Quality-Division of Water Infrastructure for the fiscal year ended June 30, 2025. State Revolving Loan, $523,864.