Notes to SEFA
Accounting Policies: NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES
A. Basis of Presentation
The accompanying schedule of expenditures of federal awards includes the federal grant activity of
City of Beaufort, South Carolina, (the “City”) for the year ended June 30, 2023 and is presented on
the modified accrual basis of accounting.
The information in the schedule is presented in accordance with the requirements of Title 2 U.S.
Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principals,
and Audit Requirements for Federal Awards. Therefore, some amounts presented in the schedule
may differ from amounts presented in, or used in the preparation of, the basic financial statements.
NOTE 2 – DE MINIMIS INDIRECT COST RATE
The City chose not to use the 10% de minimis cost rate for the year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: During FY2023, the City did not use the de-minimis indirect cost rate.