Notes to SEFA
Accounting Policies: A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESGeneralThe accompanying Schedules of Expenditures of Federal and State Awards presents the activity of all federal and state award programs of Fannin County, Texas (the "County").Basis of AccountingThe accompanying Schedules of Expenditures of Federal and State Awards are presented using the modified accrual basis of accounting for governmental funds.B - CONTINGENCIESThe County participates in several federal and state grant programs, which are governed by various rules and regulations of the grantor agencies. Costs charged to the respective grant programs are subject to audit and adjustment by the grantor agencies; therefore, to the extent that the County has not complied with the rules and regulations governing the grants, refunds of any money received may be required and the collectability of any related receivable at September 30, 2022 may be impaired. In the opinion of management, there are no significant contingent liabilities relating to compliance with the rules and regulations governing the respectivegrants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.