Notes to SEFA
Accounting Policies: NOTE 1. BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Hanahan, South Carolina (the City) and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, OMBs Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.NOTE 2. NON-CASH ASSISTANCE AND LOANSThere were no federal awards expended in the form of non-cash assistance during the year. There were also no loans or loan guarantees outstanding at year-end.NOTE 3. DE MINIMIS INDIRECT COST RATEThe City did not use the 10% de minimis indirect cost rate.NOTE 4. SUBRECIPIENTSThe City did not pass through any grant funds to subrecipients for the year ended June 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.