Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Expenditures reported in the SEFA were derived from the modified accrual basis of accounting and recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The entity did not elect to use the de-minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Tippah County under programs of the federal government for the year ended September 30, 2020. The information in this Schedule 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). Because the Schedule presents only a selected portion of the operations of Tippah County, it is not intended to and does not present the financial position, changes in net position, or cash flows of Tippah County .
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the SEFA were derived from the modified accrual basis of accounting and recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The entity did not elect to use the de-minimis indirect cost rate.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Note C - Indirect Cost Rate
Accounting Policies: Expenditures reported in the SEFA were derived from the modified accrual basis of accounting and recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The entity did not elect to use the de-minimis indirect cost rate.
Tippah County has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.