Title: Note 3: Loans and Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (Schedule) includes the federal and state spending of Walton County, Florida (the “County”) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance and the Florida Single Audit Act. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the County, it is not intended to and does not represent the financial position of the County.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2024, the County did not elect to use this rate.
The County did not have any loans or loan guarantee programs required to be reported on the Schedule for the fiscal year ending September 30, 2024.
Title: Note 4: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (Schedule) includes the federal and state spending of Walton County, Florida (the “County”) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance and the Florida Single Audit Act. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the County, it is not intended to and does not represent the financial position of the County.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2024, the County did not elect to use this rate.
During the year ended September 30, 2024, the County had no subrecipients.
Title: Note 5: Noncash Assistance and Other
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (Schedule) includes the federal and state spending of Walton County, Florida (the “County”) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance and the Florida Single Audit Act. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the County, it is not intended to and does not represent the financial position of the County.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2024, the County did not elect to use this rate.
The County did not receive any noncash assistance or federally funded insurance during the year ended September 30, 2024.
Title: Note 6: Contingencies
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (Schedule) includes the federal and state spending of Walton County, Florida (the “County”) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance and the Florida Single Audit Act. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the County, it is not intended to and does not represent the financial position of the County.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2024, the County did not elect to use this rate.
Grant monies received and disbursed by the County are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, the County does not believe that such disallowance, if any, would have a material effect on the financial position of the County.
Title: Note 7: Federal Pass-Through Funds
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (Schedule) includes the federal and state spending of Walton County, Florida (the “County”) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance and the Florida Single Audit Act. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the County, it is not intended to and does not represent the financial position of the County.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2024, the County did not elect to use this rate.
The County is also a sub-recipient of federal funds that have been subjected to testing and are reported as expenditures and listed as federal pass-through funds. Federal awards other than those indicated as pass-through are considered to be direct.
Title: Note 8: Florida State Aid to Libraries
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (Schedule) includes the federal and state spending of Walton County, Florida (the “County”) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance and the Florida Single Audit Act. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the County, it is not intended to and does not represent the financial position of the County.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2024, the County did not elect to use this rate.
The County received and expended $16,787 in grant funding and interest from the Florida State Aid to Libraries grant for the fiscal year ended September 30, 2024.