Notes to SEFA
Title: NON-CASH ASSISTANCE, INSURANCE AND LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Smith County,Texas under programs of the federal government for the year ended September 30, 2022 and is presented on themodified accrual basis of accounting. The information in this schedule is presented in accordance with therequirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements,Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presentsonly a selected portion of the operations of Smith County, Texas, it is not intended to and does not present thefinancial position, changes in net assets or cash flows of Smith County, Texas.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Smith County did not receive any non-cash assistance through federal awards during the year ended September 30,2022. There were no federal loans or loan guarantees outstanding at year end.Certain federal awards require Smith County to maintain adequate insurance coverage. Following is a summary ofSmith Countys insurance policies and the liability limits:Type of Coverage Liability LimitProperty $186,930,575Commercial General Liability 100K/300K/100KAutomobile 100K/300K/100KCrime 250,000Equipment 50,000,000Public Officials Liability 2,000,000Law Enforcement Liability 2,000,000Law Enforcement Animals 30,000