Notes to SEFA
Title: (1) 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 cost principles
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 City of Thomasville 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 and State Awards (SEFSA) includes the federal and State grant activity of the City of Thomasville under
the programs of the federal government and the State of North Carolina for the year ended June 30, 2023. The information in this SEFSA is presented in
accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards, and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of the
City of Thomasville, it is not intended to and does not present the financial position, changes in net position or cash flows of the City of Thomasville.
Title: (3) Loans Outstanding:
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles
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 City of Thomasville has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The City of Thomasville had the following loan balances outstanding at June 30, 2023 for loans that the grantor/pass-passthrough grantor has still imposed
continuing compliance requirements. Loans outstanding at the beginning of the year and loans made during the year are included in the SEFSA. The balance of
loans outstanding at June 30, 2023 consist of:
Program Title AL Number Pass-Through Grantor's Number Amount Outstanding
Clean Water State Revolving Loan 66.458 CS370619-07 $ 1,616,867
Capitalization Grants for Drinking Water State Revolving Loan 66.468 H-SRF-F-21-1961 1,848,734