Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1. BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the financial statement) summarizesthe expenditures of the Jefferson County Commission (the Commission) under programs of thefederal government for the year ended September 30, 2022. The information in the financialstatement is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the financial statement presents onlya selected portion of the operations of the Commission, it is not intended to and does not present thefinancial position, changes in net position, or cash flows of the Commission.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 608677. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 5274410. ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 1578961.
Title: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 1. BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the financial statement) summarizesthe expenditures of the Jefferson County Commission (the Commission) under programs of thefederal government for the year ended September 30, 2022. The information in the financialstatement is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the financial statement presents onlya selected portion of the operations of the Commission, it is not intended to and does not present thefinancial position, changes in net position, or cash flows of the Commission.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
For purposes of the financial statement, expenditures for federal awards programs are recognized on the modified 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: 3. FEDERAL PASS-THROUGH FUNDS
Accounting Policies: 1. BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the financial statement) summarizesthe expenditures of the Jefferson County Commission (the Commission) under programs of thefederal government for the year ended September 30, 2022. The information in the financialstatement is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the financial statement presents onlya selected portion of the operations of the Commission, it is not intended to and does not present thefinancial position, changes in net position, or cash flows of the Commission.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Commission is a subrecipient of federal funds which have been subject to testing and are reported as expenditures and listed as federal pass-through funds in the financial statement.