Notes to SEFA
Title: Accounting Principles
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Gillespie County, Texas. The information in the Schedule is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations (CFR) Part 200 Uniform Administratie Requirements, Cost Principles, and Audit Requirements for Federal Awards. Federal and state assistancewas accounted for in the governmental fund types.
De Minimis Rate Used: N
Rate Explanation: Gillespie County, Texas has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accounting and financial reporting treatement applied to a fund is determined by its measurement focus. The Governmental Fund types are accounted for using a current financail resources measurement focus. All Federal grant funds were accounted for in the General Fund and Special Revenue Funds which are Governmental Fund types. With the measurement focus, only current assets and current liabilities and the fund balance are included on the balance sheet. Operating statements of these funds present increases and decreases in net current assets. The modified accrual basis of accounting is used for the Governmental Fund types. This basis of accounting recognizes revenues in the accounting period in which they become susceptible to accrual, i.e., both measurable and available, and expenditures in the accounting period in which the fund liability is incured, if measurable, except for unmatured interest on General Long-Term Debt, which is recognized when due, and certain compensated absences and claims and judgements, which are recognzed when the obligations are expected to be liquidated with expendable available financial resources. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant and accordingly, when such funds are received, they are recorded as deferred revenues until earned.
Title: Period of Availability
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Gillespie County, Texas. The information in the Schedule is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations (CFR) Part 200 Uniform Administratie Requirements, Cost Principles, and Audit Requirements for Federal Awards. Federal and state assistancewas accounted for in the governmental fund types.
De Minimis Rate Used: N
Rate Explanation: Gillespie County, Texas has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The period of availability for federal grant funds for the purpose of outstanding obligations made on or before the ending date of the federal project extended 30 days beyond the federal project period ending date, in accordance with provisions in the Uniform Guidance.