Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the cash basis of accounting. When applicable, 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.
De Minimis Rate Used: N
Rate Explanation: The County has not elected to use the 10% de minimus cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Lewis and Clark County, Montana, (“the County”) under programs of the federal government for the year ended June 30, 2024. The information 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, it is not intended to and does not present the financial position, changes in net position or fund balance, or cash flows of the County.
Title: Other Information
Accounting Policies: Expenditures reported in the Schedule are reported on the cash basis of accounting. When applicable, 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.
De Minimis Rate Used: N
Rate Explanation: The County has not elected to use the 10% de minimus cost rate.
The $411,843 reported for Federal Financial Assistance Listing No. 10.665, Schools and Roads – Grants to States, represents 66 2/3 percent of the total amount of $617,765 received by the County. The remaining 33 1/3 percent was distributed directly to the countywide school levy funds as required by state statute and was not recorded by the County.