Notes to SEFA
Title: Note 1- General
Accounting Policies: The accompanying SEFSA is presented using the modified accrual basis of accounting, which is described in the notes to the City’s basic financial statements. Expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% 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 award activity of the City of Reidsville, North Carolina (the “City”) under programs of the federal and state governments for the year ended June 30, 2023. The information in this SEFSA 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. Because the SEFSA presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
Title: Note 3- Subrecipients
Accounting Policies: The accompanying SEFSA is presented using the modified accrual basis of accounting, which is described in the notes to the City’s basic financial statements. Expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The City did not pass-through any funding to subrecipients during the fiscal year ended June 30, 2023.