Notes to SEFA
Title: GENERAL
Accounting Policies: The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in the notes to the Town’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of all federal award programs of the Town of Williamston, South Carolina (the “Town”) for the year ended June 30, 2023. Expenditures for federal financial assistance awarded directly from the federal agencies, as well as those passed through other government agencies, are included on the Schedule.
Title: RELATIONSHIP TO THE FINANCIAL STATEMETNS
Accounting Policies: The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in the notes to the Town’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal award expenditures are generally reported in the Town’s financial statements as expenditures in the General Fund and as expenses and/or capital assets additions in the Town’s enterprise funds.
Title: MATCHING COSTS
Accounting Policies: The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in the notes to the Town’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Matching costs, i.e., the non-federal share of certain program costs, are not included in the accompanying Schedule.