Notes to SEFA
Title: Note 1: Basis of Accounting
Accounting Policies: Expenditures of federal awards are recognized in the accounting period when the liabilities are incurred and when goods or services are received. The value of non-cash assistance is valued at fair market value at the time of receipt, or the assessed value provided by the federal agency.
De Minimis Rate Used: Y
Rate Explanation: N/A
The accompanying schedule of expenditures of Federal Awards includes the federal grant activity of Boone County (the "County") and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with 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 financial statements. The County elected not to use the 10% de minimis indirect cost rate during the year ended November 30, 2023
Title: Note 2: Significant Accounting Policies
Accounting Policies: Expenditures of federal awards are recognized in the accounting period when the liabilities are incurred and when goods or services are received. The value of non-cash assistance is valued at fair market value at the time of receipt, or the assessed value provided by the federal agency.
De Minimis Rate Used: Y
Rate Explanation: N/A
Expenditures of federal awards are recognized in the accounting period when the liabilities are incurred and the goods or services are received. The value of non-cash assistance is valued at fair market value at the time of receipt or the assessed value provided by the federal agency.
Title: Note 3: Noncash Assistance
Accounting Policies: Expenditures of federal awards are recognized in the accounting period when the liabilities are incurred and when goods or services are received. The value of non-cash assistance is valued at fair market value at the time of receipt, or the assessed value provided by the federal agency.
De Minimis Rate Used: Y
Rate Explanation: N/A
The County did not dispense noncash assistance in the form of WIC food instruments during the year ended November 30, 2023
Title: Note 4: Other Federal Award Information
Accounting Policies: Expenditures of federal awards are recognized in the accounting period when the liabilities are incurred and when goods or services are received. The value of non-cash assistance is valued at fair market value at the time of receipt, or the assessed value provided by the federal agency.
De Minimis Rate Used: Y
Rate Explanation: N/A
Boone County did not receive or administer any insurance, loans or loan guarantees during the fiscal year ended November 30, 2023