Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the Federal and State grant activity of the Town of F the programs of the federal government and the State of North Carolina for the year ended June 30, 2022. The information in this SEFSA is pre accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, a Requirements for the Federal Awards and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the Town of Four Oaks, it is not intended to and does not present the financial position, changes in net position or cash flows of the Town of F