Notes to SEFA
Title: NOTE 1 GENERAL
Accounting Policies: The accompanying schedule of expenditures of federal and state awards has been prepared on the modified accrual basis, which is described in Note 1 of the City's basic Financial Statements. The information in this schedule 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 (Uniform Guidance) and the State Single Audit Implementation Act. Therefore, amounts presented in this schedule will frequently differ from amouonts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The City uses direct costs only.
The accompanying Schedule of Expenditures of Federal and State Awards represents the activity of all federal and State awards to the City of Wilmington, North Carolina, exluding those of its discretely presented component unit. The City's reporting entity is defined in note 1 to the City's basic financial statements. Expenditures are reported on the schedule only at such times as there is an apporved award and as activity occures that obligates the City to make a payment, not wheb the award has been received. As a result, certain expenditures incurred in a prior year may be reported for the first time in the current year or as a reimbursement of expenditures reported in a prior year. All federal and state awards, received directly or indirectly (passthrough) from federal and state agencies, are included on the schedule.
Title: NOTE 2 BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal and state awards has been prepared on the modified accrual basis, which is described in Note 1 of the City's basic Financial Statements. The information in this schedule 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 (Uniform Guidance) and the State Single Audit Implementation Act. Therefore, amounts presented in this schedule will frequently differ from amouonts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The City uses direct costs only.
The accompanying schedule of expenditures of federal and state awards has been prepared on the modified accrual basis, which is described in Note 1 of the City's basic Financial Statements. The information in this schedule 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 (Uniform Guidance) and the State Single Audit Implementation Act. Therefore, amounts presented in this schedule will frequently differ from amouonts presented in, or used in the preparation of the financial statements.
Title: NOTE 3 SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal and state awards has been prepared on the modified accrual basis, which is described in Note 1 of the City's basic Financial Statements. The information in this schedule 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 (Uniform Guidance) and the State Single Audit Implementation Act. Therefore, amounts presented in this schedule will frequently differ from amouonts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The City uses direct costs only.
Federal and State awards have been passed through to subrecipients as follows for the year ended June 30, 2023: Transportation Planning 20.505 $86,836; Covid 19 21.027 $3,653,088.