Audit 341071

Title: BASIS OF PRESENTATION Accounting Policies: The County’s Annual Financial Report and this Schedule are prepared in accordance with generally accepted accounting principles, following the accrual or modified accrual basis of accounting, as appropriate for the fund structure. 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: Y Rate Explanation: The County has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Board of County Commissioners of Garrett County, Maryland (the County) under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the provisions 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 and changes in financial position of the County in accordance with accounting principles generally accepted in the United States of America.The Board of Education of Garrett County and Garrett Community College are additional discretely presented component units of the County. These entities have each issued separate reports on the results of the single audit of their respective federal award programs. Complete financial statements of these component units which include their single audit reports can be obtained from their respective administrative offices or from the County administrator’s office at the courthouse.

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: The County’s Annual Financial Report and this Schedule are prepared in accordance with generally accepted accounting principles, following the accrual or modified accrual basis of accounting, as appropriate for the fund structure. 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: Y Rate Explanation: The County has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The County’s Annual Financial Report and this Schedule are prepared in accordance with generally accepted accounting principles, following the accrual or modified accrual basis of accounting, as appropriate for the fund structure. 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 RATE Accounting Policies: The County’s Annual Financial Report and this Schedule are prepared in accordance with generally accepted accounting principles, following the accrual or modified accrual basis of accounting, as appropriate for the fund structure. 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: Y Rate Explanation: The County has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The County has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.