Notes to SEFA
Accounting Policies: NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Scope of Single Audit
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes all of the federal financial assistance programs of the governmental activities of the County of Schenectady, New York (County) (primary government) but does not include the activity of the federal award programs, if any, of the component units or the enterprise fund of the County of Schenectady, New York (Glendale Home) for the year ended December 31, 2023. The component units and Glendale Home were separately audited and the related reports have been separately submitted. Federal expenditures, if any, relating to the component units and Glendale Home are not included since they are audited and reported as separate entities.
B.Basis of Accounting
The basis of accounting depends on the underlying regulations pertaining to each program. The County maintains subsidiary records for each program, which are used to prepare the appropriate federal financial reports. These records are periodically reconciled to those used in the preparation of the County’s financial statements. The amounts reported as federal expenditures in the Schedule represent expenditures of federal funds as obtained from the appropriate federal financial reports for the applicable program and periods. The non-federal share of expenditures, if any, is excluded from the Schedule.
De Minimis Rate Used: N
Rate Explanation: The County has a County-wide cost allocation plan prepared annually, using Office of Management and Budget’s Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Indirect costs are included in the amounts reported as federal expenditures to the extent they are included in the federal financial reports used to prepare the Schedule. The County has not elected to use the 10% de minimis indirect cost rate.