Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The County has numerous programs and has elected to utilize varying allocation rates as applicable.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Polk 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 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 postion, changes in net position, or cash flows of Polk County.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The County has numerous programs and has elected to utilize varying allocation rates as applicable.
Expenditures reported on the Schedule are reported 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. Indirect Cost Rate
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The County has numerous programs and has elected to utilize varying allocation rates as applicable.
Polk County has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.