Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of Lake County, Michigan, and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements, which are reconciled in Note 3. The County has elected not to use the 10 percent de minimis indirect rate allowed under the Uniform Guidance. Federal Awards of the Lake County Road Commission are excluded from the accompanying Schedule of Expenditures of Federal Awards. This component units audit report is issued under separate cover. Single Audits, when applicable, are included in their report. To view copies of those reports, contact the administrative offices of the component unit or the Lake County Clerks office.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.