Notes to SEFA
Title: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting, which is described in Note I to the County’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of Lampasas County, Texas, for the year ended September 30, 2023.
The County’s reporting entity is defined in Note I to the County’s financial statements. The Schedule of Expenditures of Federal Awards includes all Federal awards expended by the County, regardless of
whether the award was received directly from the Federal agency or passed through another agency.
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting, which is described in Note I to the County’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting, which is described in Note I to the County’s financial statements.
Title: Indirect Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting, which is described in Note I to the County’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance.
The County has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance.