Title: NOTE 1: REPORTING ENTITY AND BASIS OF PRESENTATION
Accounting Policies: The Schedule of Expenditures of Federal Awards containing federal grant activity of Lincoln County (County) was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The County has elected to utilize the 10% minimum indirect cost rate when applicable.
The Schedule of Expenditures of Federal Awards containing federal grant activity of Lincoln County (County) was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Title: NOTE 2: FEDERAL AWARD IDENTIFICATION NUMBERS
Accounting Policies: The Schedule of Expenditures of Federal Awards containing federal grant activity of Lincoln County (County) was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The County has elected to utilize the 10% minimum indirect cost rate when applicable.
The federal granting agency is responsible for providing the County with the Assistance Listing number, previously known as the Catalog of Federal Domestic Assistance (CFDA) number, for each grant or contract. In cases where the federal granting agency did not provide the Assistance Listing number to the County, other identifying numbers are presented on the schedule of expenditures of federal awards. In cases where the federal granting agency did not provide this number to the County and it was not otherwise determinable, it is noted as “not available” on the schedule of expenditures of federal awards.
Title: NOTE 3: NON-CASH ASSISTANCE
Accounting Policies: The Schedule of Expenditures of Federal Awards containing federal grant activity of Lincoln County (County) was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The County has elected to utilize the 10% minimum indirect cost rate when applicable.
The County did not receive any federal awards in the form of non-cash assistance during the year.
Title: NOTE 4: RECONCILIATION OF EXPENDITURES
Accounting Policies: The Schedule of Expenditures of Federal Awards containing federal grant activity of Lincoln County (County) was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The County has elected to utilize the 10% minimum indirect cost rate when applicable.
The following is a reconciliation of expenditures reported on the schedule of expenditures of federal awards to the expenditures reported in the governmental fund financial statements:
Title: NOTE 5: SUBRECIPIENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards containing federal grant activity of Lincoln County (County) was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The County has elected to utilize the 10% minimum indirect cost rate when applicable.
There are no sub-recipients of federal funds as of and for the year ended June 30, 2024.
Title: NOTE 6: INDIRECT COST RATE
Accounting Policies: The Schedule of Expenditures of Federal Awards containing federal grant activity of Lincoln County (County) was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The County has elected to utilize the 10% minimum indirect cost rate when applicable.
The County has elected to utilize the 10% minimum indirect cost rate when applicable.
Title: NOTE 7: LOANS
Accounting Policies: The Schedule of Expenditures of Federal Awards containing federal grant activity of Lincoln County (County) was prepared using the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The County has elected to utilize the 10% minimum indirect cost rate when applicable.
The County did not expend federal awards related to loans or loan guarantees for the year ended June 30, 2024.