Notes to SEFA
The accompanying schedule of expenditures of federal and State Awards includes the federal and State Grant activity of the Town of Burnsville under the programs of the Federal government and the State of North Carolina for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 US Code of federal regulations part 200, Uniform Administrative Requirements, Cost Principles, and the audit requirements for federal awards and the state single audit implementation act. Some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the statements. Because this schedule presents only a limited portion of the operations of the Town of Burnsville, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of Burnsville. The Organization provides no amounts to subrecipients.
Expenditures reported in the SEFSA are reported on the modified 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 Town of Burnsville has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.