Notes to SEFA
The accompanying schedule of expenditures of federal and state awards (the "Schedule") includes the federal and state grant activity of Town of Jonesville, North Carolina under programs of the federal and state 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 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 Town of Jonesville, North Carolina, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Town of Jonesville, North Carolina.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such revenues and expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Town of Jonesville, North Carolina has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.