Title: NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES USED IN PREPARING THE SCHEDULE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Smith County,
Texas under programs of the federal government for the year ended September 30, 2024 and is presented on the
modified accrual basis of accounting. The information in this schedule is presented in accordance with the
requirements of Title 2 U. S. Code of Federal Regulations (CFR) 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 Smith County, Texas, it is not intended to and does not present the
financial position, changes in net assets or cash flows of Smith County, Texas.
De Minimis Rate Used: N
Rate Explanation: no considered beneficial
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Smith County,
Texas under programs of the federal government for the year ended September 30, 2024 and is presented on the
modified accrual basis of accounting. The information in this schedule is presented in accordance with the
requirements of Title 2 U. S. Code of Federal Regulations (CFR) 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 Smith County, Texas, it is not intended to and does not present the
financial position, changes in net assets or cash flows of Smith County, Texas.
Title: NOTE 2 – NON-CASH ASSISTANCE, INSURANCE AND LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Smith County,
Texas under programs of the federal government for the year ended September 30, 2024 and is presented on the
modified accrual basis of accounting. The information in this schedule is presented in accordance with the
requirements of Title 2 U. S. Code of Federal Regulations (CFR) 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 Smith County, Texas, it is not intended to and does not present the
financial position, changes in net assets or cash flows of Smith County, Texas.
De Minimis Rate Used: N
Rate Explanation: no considered beneficial
2024. There were no federal loans or loan guarantees outstanding at year end.
Certain federal awards require Smith County to maintain adequate insurance coverage. Following is a summary of
Smith County’s insurance policies and the liability limits:
Type of Coverage Liability Limit
Property $256,491,362
Commercial General Liability 100K/300K/100K
Automobile 100K/300K/100K
Crime 250,000
Equipment 50,000,000
Public Officials Liability 2,000,000
Law Enforcement Liability 2,000,000
Law Enforcement Animals 30,000
Title: NOTE 3 – INDIRECT COST RATES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Smith County,
Texas under programs of the federal government for the year ended September 30, 2024 and is presented on the
modified accrual basis of accounting. The information in this schedule is presented in accordance with the
requirements of Title 2 U. S. Code of Federal Regulations (CFR) 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 Smith County, Texas, it is not intended to and does not present the
financial position, changes in net assets or cash flows of Smith County, Texas.
De Minimis Rate Used: N
Rate Explanation: no considered beneficial
The County did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR § 200.414.
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