Notes to SEFA
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported using the modified accrual basis of accounting. The
modified accrual basis of accounting recognizes revenues when they become measurable and available
as net current assets and expenditures when the related fund liability is incurred. Such expenditures are
recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for
State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: St. Lucie County, Florida has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
Expenditures reported on the Schedule are reported using the modified accrual basis of accounting. The
modified accrual basis of accounting recognizes revenues when they become measurable and available
as net current assets and expenditures when the related fund liability is incurred. Such expenditures are
recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for
State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not
allowable or are limited as to reimbursement.