Notes to SEFA
Title: General
Accounting Policies: The information in the schedule of expenditures of federal awards 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the County’s basic financial statements. 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 elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule presents the activity of all federal of the County of Huntingdon (County). The County’s reporting entity is defined in Note 1 to the County’s financial statements. The schedule includes financial assistance programs of the primary government reporting entity. Federal financial assistance received directly from federal agencies and federal financial assistance passed through other government agencies is included on the schedule of expenditures of federal awards.
Title: Basis of Accounting
Accounting Policies: The information in the schedule of expenditures of federal awards 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the County’s basic financial statements. 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 elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedules of expenditures of federal awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the County’s financial statements. Non-cash expenditures are reported based on the estimated fair value at the time of donation.