Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: See Notes to SEFA
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance
The accompanying Schedule of Expenditures of Federal and State Awards (SEFSA) includes the
grant activity of the Association 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 (Uniform
Guidance) and the State Single Audit Implementation Act. Because the Schedule presents only a
selected portion of the operations of the Association, it is not intended to and does not present the
financial position, changes in net position or cash flows of the Association.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: See Notes to SEFA
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance
Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance and the
State Single Audit Implementation Act, wherein certain types of expenditures are not allowable or
are limited as to reimbursement.
Title: Note 3 - Contingency
Accounting Policies: See Notes to SEFA
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance
The grant revenue amounts received are subject to audit and adjustment. If any expenditures or
expenses are disallowed by the grantor agencies as a result of such an audit, any claim for
reimbursement to the grantor agencies would become a liability of the Association. In the opinion
of management, all grant expenditures are in compliance with the terms of the grant agreements
and applicable Federal and state laws and other applicable regulatio
Title: Note 4 - Indirect Cost Rate
Accounting Policies: See Notes to SEFA
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance
The Association did not elect to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.