Notes to SEFA
Title: Contingency
Accounting Policies: The Schedule of Expenditures of Federal Awards and State Assistance has been prepared using the modified accrual basis of accounting. The modified accrual basis of accounting recognizes revenues when they become measurable and available and expenditures generally when a liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed by the grantor agencies as a result of an audit, any claim for reimbursement by the grantor agencies would become a liability of the County. 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 regulations.
Title: Prior Period Expenditures
Accounting Policies: The Schedule of Expenditures of Federal Awards and State Assistance has been prepared using the modified accrual basis of accounting. The modified accrual basis of accounting recognizes revenues when they become measurable and available and expenditures generally when a liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The recognition of amounts for financial statement presentation my differ from guidance regarding the inclusion of amounts on the Schedule of Expenditures of Federal Awards and State Financial Assistance therefore some amounts presented are related to prior years.