Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule of Expenditure of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain expenditures are not allowed or are limited as to reimbursement. The County is not eligible to use the 10% de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The County is not eligible to use the 10% de minimus indirect cost rate
The accompanying schedule of expenditures of federal awards includes the federal award activity of Franklin County under programs of the federal government for the year ended September 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Franklin County, it is not intended to and does not present the financial position or change in net assets of the County.
Title: 2. Summary of Signficant Accounting Polices
Accounting Policies: Expenditures reported on the Schedule of Expenditure of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain expenditures are not allowed or are limited as to reimbursement. The County is not eligible to use the 10% de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The County is not eligible to use the 10% de minimus indirect cost rate
Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain expenditures are not allowed or are limited as to reimbursement. The County is not eligible to use the 10% de minimis indirect cost rate.