Notes to SEFA
Title: Relationship to Fedreal Financial Reports
Accounting Policies: The schedule is prepared on the regulatory basis of accounting as prescribed or permitted by Ark. Code Ann. § 10-4-412. The regulatory basis differs from accounting principles generally accepted in the United States of America. Revenues generally are recognized as soon as they are both measurable and available. For this purpose, the County considers revenues to be available if they are collected within 60 days of the end of the current year. However, most state aid received from the State Treasury, as well as county sales taxes, is by state law revenue of the year in which it was received by the County. Expenditures generally are recorded when a liability is incurred. Liabilities incurred by the County on or before the end of the current year that are paid within 60 days of the end of the current year, are considered to be expenditures of the current year.
The regulatory basis of accounting is not in accordance with generally accepted accounting principles (GAAP). GAAP requires a number of major concepts that are not required by the regulatory basis of accounting, including accrual basis of accounting for government-wide financial statements.
The County is the recipient of federal grant awards. The grant programs are administer by various departments within the County. The activities of these departments are monitored by County staff to ensure compliance with the requirements of grants.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Grant expenditures reports as of December 31, 2022, which have been submitted to grantor agencies will, in some cases, differ slightly from amounts disclosed herein. The reports prepared for grantor agencies are typically prepared at a later date and often reflect refined estimates of the year-end accruals. The reports will agree at termination of the grant as the discrepancies noted are timing differences.
Title: Scope of Audito Pursuan to Uniform Guidance
Accounting Policies: The schedule is prepared on the regulatory basis of accounting as prescribed or permitted by Ark. Code Ann. § 10-4-412. The regulatory basis differs from accounting principles generally accepted in the United States of America. Revenues generally are recognized as soon as they are both measurable and available. For this purpose, the County considers revenues to be available if they are collected within 60 days of the end of the current year. However, most state aid received from the State Treasury, as well as county sales taxes, is by state law revenue of the year in which it was received by the County. Expenditures generally are recorded when a liability is incurred. Liabilities incurred by the County on or before the end of the current year that are paid within 60 days of the end of the current year, are considered to be expenditures of the current year.
The regulatory basis of accounting is not in accordance with generally accepted accounting principles (GAAP). GAAP requires a number of major concepts that are not required by the regulatory basis of accounting, including accrual basis of accounting for government-wide financial statements.
The County is the recipient of federal grant awards. The grant programs are administer by various departments within the County. The activities of these departments are monitored by County staff to ensure compliance with the requirements of grants.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
All federal financial award programs of Carroll County, Arkansas (the County) are included in the scope of the Uniform Guidance audit. For purposes of this schedule, federal awards include those received from other agencies, the original source of which was a federal agency.