Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, as such the same as the financial statement of the County. The information in the scheudle is presented in accordance with requirements of Tilte 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. Negative amounts shown on the Schedule represent adjustements or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The County has not elected to utilize the 10 percent de minimis indirect cost rate. The County does not collect indirect funds reimbursement for Federal grant reimbursements.
The accompanying Schedule of Expenditures of Federal Awards (the SEFA or Schedule) includes federal grant activity of Fremont County. The County receives federal awards both directly from federal agencies and indirectly through pass-through entities. The information in this Schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Fremont County it is not intended to and does not present the financial position, changes in net assets, or cash flows of Fremont County.
Federal program expenditures included in the accompanying schedule are presented on the modified accrual basis of accounting. The information in the schedule is presented in accordance with requirements of Title 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, as such the same as the financial statement of the County. The information in the scheudle is presented in accordance with requirements of Tilte 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. Negative amounts shown on the Schedule represent adjustements or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The County has not elected to utilize the 10 percent de minimis indirect cost rate. The County does not collect indirect funds reimbursement for Federal grant reimbursements.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, as such the same as the financial statement of the County. The information in the scheudle is presented in accordance with requirements of Tilte 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. Negative amounts shown on the Schedule represent adjustements or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: 3. Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, as such the same as the financial statement of the County. The information in the scheudle is presented in accordance with requirements of Tilte 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. Negative amounts shown on the Schedule represent adjustements or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The County has not elected to utilize the 10 percent de minimis indirect cost rate. The County does not collect indirect funds reimbursement for Federal grant reimbursements.
The County has not elected to utilize the 10 percent de minimis indirect cost rate. The County does not collect indirect funds reimbursement for Federal grant reimbursements.