Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: Power County chose to not use the de minimis rate of 10% as that would have equated to a much higher direct cost impact to the federal funds received and expended. Power County chose a pro rata cost share approach to recover processing of funds received, expended, banking, Board of County Commissioners, legal advise and staff to process, direct and account for the federal funds.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Power County under programs of the federal government for the year ended September 30, 2023. 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 Power County, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Power County.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: Power County chose to not use the de minimis rate of 10% as that would have equated to a much higher direct cost impact to the federal funds received and expended. Power County chose a pro rata cost share approach to recover processing of funds received, expended, banking, Board of County Commissioners, legal advise and staff to process, direct and account for the federal funds.
Expenditures reported on the Schedule are reported on the 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: INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: Power County chose to not use the de minimis rate of 10% as that would have equated to a much higher direct cost impact to the federal funds received and expended. Power County chose a pro rata cost share approach to recover processing of funds received, expended, banking, Board of County Commissioners, legal advise and staff to process, direct and account for the federal funds.
Power County has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.