Notes to SEFA
Accounting Policies: Basis of Presentation and Significant Accounting PoliciesThe accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of Madison County, Montana. The information in this schedule is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the schedule presents only a selected portion of the operations of Madison County, it is not intended to and does not present the financial position, changes in net position, or cash flows of Madison County. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the basic financial statements.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.Madison County has elected not to use the 10 percent de Minimis indirect cost rate as providedin Sec. 200.414 Indirect Costs under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.