Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are generally reported using the cash basis of accounting.
Such expenditures are recognized following, as applicable, either the Cost Principles in Office of
Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal
Governments or the cost principles contained in the Uniform Guidance. As such, certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of Otero County, Colorado (the County) under programs of the federal
government for the year ended December 31, 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 Administrative Requirements for Federal
Awards (the Uniform Guidance). Because the Schedule presents only a selected portion of the
operations of the County, it is not intended to and does not present the financial position, changes
in financial position, or cash flows of the County.