Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Town of Church Point (Town) under programs of the federal government for the year ended September 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, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town.
Expenditures reported on the Schedule are reported in accordance with accounting principles generally accepted in the United States of America as applied to governmental units, which is described in Note 1 to the Town's basic financial statements for the year ended September 30, 2025. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Town has elected not to use the 15 percent de minimis indirect cost rate allowed under the Uniform Guidance.