Notes to SEFA
The accompanying Schedule of Expenditures of Federal and State Awards (SEFSA) includes the Federal and State grant activity of the Fayetteville Public Works Commission (the Commission) under the programs of the federal government and the State and the State of North Carolina. The information in this SESFA is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Aduit Requirements for Federal Awards and the State Single Audit Implementation Act. Because the SEFSA presents only a selected portion of the operations of the Commission, it is not intended and does not present the financial position, changes in net position or cash flows of the Commission.
Expenditures are reported on the full accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Commission has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Commission has outstanding loan balances from Federal and State funding sources that are not required to be presented in the SEFSA as there are no continuing compliance requirements beyond repayment of the loan balances in accordance with the provisions of the loan agreements.