Notes to SEFA
Title: Note A--Basis of Presentation:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Uniform Guidance, wherein certain
types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity indentifying number are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Smyth, Virginia under programs of the federal government for the year ended June 30, 2024. The information in the 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 Smyth, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County of Smyth, Virginia.
Title: Note C--Food Distribution
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Uniform Guidance, wherein certain
types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity indentifying number are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
Title: Note D--Outstanding Balance of Federal Loans
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Uniform Guidance, wherein certain
types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity indentifying number are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
The County did not have any loans or loan gurantees which are subject to reporting requirements for the current year.
Title: Note E--Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Uniform Guidance, wherein certain
types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity indentifying number are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
The County did not have any subrecipients for the year ended June 30, 2024.
Title: Note F--Donated Items
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Uniform Guidance, wherein certain
types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity indentifying number are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
The County did not receive any donated items during the year.
Title: Note G--Relationship to the Financial Statements:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Uniform Guidance, wherein certain
types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity indentifying number are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows: