Title: Basis of Presentation
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: As permitted by CFR Section 200.414 of the Uniform Guidance
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Houghton, Michigan under programs of the federal government for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the County of Houghton, Michigan, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County of Houghton, Michigan.
Title: Summary of Significant Accounting Policies
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: As permitted by CFR Section 200.414 of the Uniform Guidance
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: As permitted by CFR Section 200.414 of the Uniform Guidance
For purposes of charging indirect costs to federal awards, the County has not elected to use the 10% deminimus cost rate as permitted by CFR Section 200.414 of the Uniform Guidance.
Title: Cognizant Agency
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: As permitted by CFR Section 200.414 of the Uniform Guidance
The County has not been assigned a cognizant agency. Therefore, the County is under the general oversight of the U.S. Department of Treasury which provided the greatest amount of direct federal funding to the County during 2023.
Title: Subrecipients
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: As permitted by CFR Section 200.414 of the Uniform Guidance
There were no awards passed through to subrecipients.
Title: Reconciliation to the Statement of Revenue, Expenditures and changes in fund balance
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: As permitted by CFR Section 200.414 of the Uniform Guidance
The following is a reconciliation of the amounts reported on the basic financial statements to the Schedule of Expenditures of Federal Awards: Total Federal Sources per Financial Statement - Primary Government $4,435,259. Federal Grants of Component Units $4,132,153, Total Federal Revenue Recognized per Schedule of Expenditures of Federal Awareds $8,567,412