Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on this schedule have been prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("SEFA") includes the federal grant activity of the Economic Development Partnership of North Carolina, Inc. (the "Organization") under the programs of the federal government for the year ended June 30, 2022. The information in the SEFA 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. Because the SEFA presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position or changes in net position of the Organization.