Notes to SEFA
NOTE 1. BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Horry County (the “County”) under programs of the federal government for the year ended June 30, 2025. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the County, it is not intended to and does not present the financial position, changes in financial position or cash flows of the County.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The expenditures presented in the Schedule reflect amounts recorded by the County during its fiscal year July 1, 2024, through June 30, 2025, and are on the modified accrual basis of accounting except for AL 20.106, which are 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 County has elected to use the 10% de Minimis indirect cost rate as allowed under the Uniform Guidance.