Notes to SEFA
Title: Reconciliation to Schedule of Intergovernmental Revenue
Accounting Policies: Summary of Significant Accounting Policies
Reporting Entity
The Schedule of Expenditures of Federal Awards presents the activities of federal award programs expended by Hubbard County. The County’s reporting entity is defined in Note 1 to the financial statements.
Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Hubbard County under programs of the federal government for the year ended December 31, 2023. 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 Hubbard County, it is not intended to and does not present the financial position, changes in net position, or cash flows of Hubbard County.
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: De Minimis Cost Rate
Hubbard County has elected to not use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance, except for with grants that are administered through the Heritage Community. For the current year, $1,380,134 of Assistance Listing Number 21.027 was administered by the Heritage Community.
See Notes to the SEFA for Charts/Table