Notes to SEFA
Title: Reporting Entity
Accounting Policies: The accompanying schedule of expendiutres of federal awards is presented using the modified accrual abasis of accounting which is described in Note 1 to the County's financial statements.
De Minimis Rate Used: N
Rate Explanation: The County did not use the 10% de minmis direct cost rate
The County of Clinton (the “County”), as the reporting entity for financial reporting purposes, is defined in Note 1 to the County‘s financial statements. For purposes of preparing the schedule of expenditures of federal awards, the County’s reporting entity is the same as was used for financial purposes, in that awards received and expended, if any, by the following entities are excluded: Clinton County Sewer Authority and Clinton County Solid Waste Authroity
Title: Risk-Based Audit Approach
Accounting Policies: The accompanying schedule of expendiutres of federal awards is presented using the modified accrual abasis of accounting which is described in Note 1 to the County's financial statements.
De Minimis Rate Used: N
Rate Explanation: The County did not use the 10% de minmis direct cost rate
The 2023 thresold for determining Type A programs is 750,000. The following Type A programs were audited as major: Communtiy Development Block Grants and Emergency Assistance Program. The amount expended under programs audited as major federal programs for the year ended Decemeber 31, 2023, totaled $3,457,221 or 43.4% of total federal awards expended.
Title: Loans Outstanding
Accounting Policies: The accompanying schedule of expendiutres of federal awards is presented using the modified accrual abasis of accounting which is described in Note 1 to the County's financial statements.
De Minimis Rate Used: N
Rate Explanation: The County did not use the 10% de minmis direct cost rate
The County has the following loan balances outstanding: Program Name: Economic Development Cluster, Federal Assistance Listing Number 11.307, Amount Outstanding $2,667,030
Title: Economic Adjustment Assistance Revolving Loan Program
Accounting Policies: The accompanying schedule of expendiutres of federal awards is presented using the modified accrual abasis of accounting which is described in Note 1 to the County's financial statements.
De Minimis Rate Used: N
Rate Explanation: The County did not use the 10% de minmis direct cost rate
See table in single audit report