Notes to SEFA
Accounting Policies: 1Basis of Presentation The accompanying schedule of expenditures of federal and State awards includes the federal and State grant activity of Mitchell County under the programs of the federal governmentand the State of North Carolina for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and the Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Someamounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements. Because the Schedule presents only a limited portion of the operations of Mitchell County, it is not intended to and does not present the financial position,changes in net position, or cash flows of the County.2Summary of Significant Accounting PoliciesExpenditures reported in the SEFSA are reported on the modified accrual basis of accounting, Such expenditures are recognized following the cost principles contained in theUniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Mitchell County has elected not to use the 10-percent de minimusindirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.