Notes to SEFA
Title: 1 Basis of Presentation
Accounting Policies: 2 Summary of Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: The Town of Burnsville elected not to use the 10 percent de minimus indirect cost rate.
The accompanying schedule of expenditures of federal and State Awards includes the federal and State Grant activity of Intermountain Children's Services under the programs of the Federal government and the State of North Carolina for the year ended March 31, 2023. 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. Some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the statements. Because this schedule presents only a limited portion of the operations of Intermountain Children's Services, it is not intended to and does not present the financial position, changes in net position, or cash flows of Intermountain Children's Services. The Organization provides no amounts to subrecipients.
Title: 2 Summary of Significant Accounting Policies
Accounting Policies: 2 Summary of Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: The Town of Burnsville elected not to use the 10 percent de minimus indirect cost rate.
Expenditures reported in the SEFSA 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. The Town of Burnsville has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.