Notes to SEFA
Title: Note 1
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following
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 , for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Swift County has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The schedule of expenditures of federal awards presents the federal award programs expended by Swift County. The County's reporting entity is defined in Note 1 to the financial statements. The schedule does not include $274,018 in federal awards expended by the Swift County Housing and Redevelopment Authority, which has a separate audit.
Title: Note 2
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following
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 , for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Swift County has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Swift 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 Audit Requirements for Federal Awards (Uniform Guidance) from the Office of Management and Budget (OMB). Because the schedule presents only a selected portion of the operations of Swift County, it is not intended to and does not present the financial position, changes in net position, or cash flows of Swift County.
Title: Reconciliation to the Schedule of Intergovernmental Revenue
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following
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 , for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Swift County has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal Grant Revenue per Schedule of
Intergovernmental Revenue $ 1,668,690
Expenditures in the Schedule of Federal
Expenditures, not Included as Revenues Reported
in the Schedule of Intergovernmental Revenue ( 1,372)
Revenues included on the Schedule of
Intergovernmental Revenue that are not considered
Federal Grant Expenditures 1,573
Expenditures per Schedule of Expenditures of
Federal Awards $ 1,668,891