Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Pass-Through Entities
Pass-through entity identifying numbers are presented on the Schedule where available.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of the County under programs of the federal government for the year ended November 30, 2023.
The information in this Schedule is presented in accordance with the requirements of Uniform Guidance,
Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents only
a selected portion of the operations of the County, it is not intended to and does not present the financial
position, changes in net position, or cash flows of the County
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Pass-Through Entities
Pass-through entity identifying numbers are presented on the Schedule where available.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
Expenditures
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Pass-Through Entities
Pass-through entity identifying numbers are presented on the Schedule where available
Title: NOTE 3 – 10% DE MINIMIS INDIRECT COST RATE
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Pass-Through Entities
Pass-through entity identifying numbers are presented on the Schedule where available.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
The County has selected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section
200.414.
Title: NOTE 4 – LOAN AND LOAN GUARANTEES
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Pass-Through Entities
Pass-through entity identifying numbers are presented on the Schedule where available.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
The County had $522,587 of loans outstanding at November 30, 2023 through the Economic Adjustment
Assistance Revolving Loan Fund and $858,567 for COVID Revolving Loan Funds.
Title: NOTE 5 – SUBRECIPIENT RELATIONSHIPS
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Pass-Through Entities
Pass-through entity identifying numbers are presented on the Schedule where available.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
The County did not remit any funds to subrecipients
Title: NOTE 6 – DEPARTMENT OF COMMERCE – ECONOMIC ADJUSTMENT ASSISTANCE
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Pass-Through Entities
Pass-through entity identifying numbers are presented on the Schedule where available.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
For purposes of completing the Schedule of Expenditures of Federal Awards (SEFA), each Economic
Development Administration (EDA) Revolving Loan Fund (RLF Grant – ALN #11.307) should be shown
as a separate line item calculated as follows:
1. Balance of RLF Loans Outstanding at the end of
the recipient's fiscal year, plus $ 522,587
2. Cash and investment balance in the RLF at the
end of the recipient's fiscal year, plus 680,130
3. Administrative expenses paid out of the RLF
income during the recipient's fiscal year, plus 8,175
4. The unpaid principal of all loans written off
during the recipient's fiscal year 23,463
Total $ 1,234,355
Federal share of the RLF 75%
Total $ 925,766
COVID Relief Loan Fund:
1. Balance of RLF Loans Outstanding at the end of
the recipient's fiscal year, plus $ 858,567
2. Cash and investment balance in the RLF at the
end of the recipient's fiscal year, plus 427,232
3. Administrative expenses paid out of the RLF
income during the recipient's fiscal year, plus -
4. The unpaid principal of all loans written off
during the recipient's fiscal year 24,601
Total $ 1,310,400
Federal share of the RLF 100%
Total $ 1,310,400