Notes to SEFA
Accounting Policies: NOTE 1 SIGNIFICANT ACCOUNTING POLICIESA. Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity ofCity of Beaufort, South Carolina, (the City) for the year ended June 30, 2022 and is presented onthe modified accrual basis of accounting.The information in the schedule is presented in accordance with the requirements of Title 2 U.S.Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principals,and Audit Requirements for Federal Awards. Therefore, some amounts presented in the schedulemay differ from amounts presented in, or used in the preparation of, the basic financial statements.NOTE 2 DE MINIMIS INDIRECT COST RATEThe City chose not to use the 10% de minimis cost rate for the year ended June 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.