Notes to SEFA
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal and State grant activity of Yancey County under the programs of the federal government and the State of North Carolina for the year ended June 30, 2025. The information in this SEFA 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) and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of Yancey County, it is not intended to and does not present the financial position, changes in net position or cash flows of Yancey County.
Expenditures reported in the SEFA 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. Yancey County has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The following are clustered by the NC Department of Health and Human Services and are treated separately for state audit requirement purposes: Subsidized Child Care & Foster Care and Adoption
Yancey County had the following loan balances outstanding at June 30, 2025 for loans the grantor has still imposed continuing compliance requirements. Loans outstanding at the beginning of the year and loans made during the year are included in the SEFSA. The balance of the loans outstanding at June 30, 2025 consist of: Program Title: Capitalization Grants for Clean Water State Revolving Funds, Assistance Listing No.: 66.458, Pass-Through Grantor's Number: CS370504-01, Amount Outstanding: 700,725 and Program Title: Statewide Cashflow Loan Program, Assistance Listing No.: N/A, Pass-through Grantor's Number: DST-1, Amount Outstanding: 6,109,562