Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: This Schedule is presented using the modified accrual basis of accounting for expenditures
accounted for in governmental type funds and on the accrual basis of accounting for expenses of
the proprietary fund types. Such expenditures/expenses are recognized following the cost principles
contained in the Uniform Guidance, Cost Principles for State, Local, and Indian Tribal
Governments, whereas certain types of expenditures/expenses are not allowable or are limited as
to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The County opted not to use the de minimis rate of 10% for determining indirect cost amounts for its federal programs to ensure a more accurate allocation of costs.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance
(the Schedule) includes the grant activity of federal award programs and state financial assistance
projects of Martin County, Florida (the County) for the fiscal 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), and Chapter
10.550, Rules of the Auditor General. Because the Schedule presents only a select portion of
the activities of the County, it is not intended to, and does not, present the total expenditures of
the County.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: This Schedule is presented using the modified accrual basis of accounting for expenditures
accounted for in governmental type funds and on the accrual basis of accounting for expenses of
the proprietary fund types. Such expenditures/expenses are recognized following the cost principles
contained in the Uniform Guidance, Cost Principles for State, Local, and Indian Tribal
Governments, whereas certain types of expenditures/expenses are not allowable or are limited as
to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The County opted not to use the de minimis rate of 10% for determining indirect cost amounts for its federal programs to ensure a more accurate allocation of costs.
This Schedule is presented using the modified accrual basis of accounting for expenditures
accounted for in governmental type funds and on the accrual basis of accounting for expenses of
the proprietary fund types. Such expenditures/expenses are recognized following the cost principles
contained in the Uniform Guidance, Cost Principles for State, Local, and Indian Tribal
Governments, whereas certain types of expenditures/expenses are not allowable or are limited as
to reimbursement.
Title: NOTE 3 - INDIRECT COST RATE ELECTION
Accounting Policies: This Schedule is presented using the modified accrual basis of accounting for expenditures
accounted for in governmental type funds and on the accrual basis of accounting for expenses of
the proprietary fund types. Such expenditures/expenses are recognized following the cost principles
contained in the Uniform Guidance, Cost Principles for State, Local, and Indian Tribal
Governments, whereas certain types of expenditures/expenses are not allowable or are limited as
to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The County opted not to use the de minimis rate of 10% for determining indirect cost amounts for its federal programs to ensure a more accurate allocation of costs.
The County did not elect to use the de minimis rate of 10% for determining indirect cost
amounts for its federal programs.