Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: This Schedule is presented using the modified accrual basis of accounting for expenditures
accounted for in governmental type funds and on the accrual basis of accounting for expenses of
the proprietary fund types. Such expenditures/expenses are recognized following the cost principles
contained in the Uniform Guidance, Cost Principles for State, Local, and Indian Tribal
Governments, whereas certain types of expenditures/expenses are not allowable or are limited as
to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The County opted not to use the de minimis rate of 10% for determining indirect cost amounts for its federal programs to ensure a more accurate allocation of costs.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the “Schedule”)
includes the grant activity of federal award programs and state financial assistance projects of Martin County,
Florida (the “County”) for the fiscal year ended September 30, 2024. 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), and Chapter
10.550, Rules of the Auditor General. Because the Schedule presents only a select portion of the activities of the
County, it is not intended to, and does not, present the total expenditures of the County.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: This Schedule is presented using the modified accrual basis of accounting for expenditures
accounted for in governmental type funds and on the accrual basis of accounting for expenses of
the proprietary fund types. Such expenditures/expenses are recognized following the cost principles
contained in the Uniform Guidance, Cost Principles for State, Local, and Indian Tribal
Governments, whereas certain types of expenditures/expenses are not allowable or are limited as
to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The County opted not to use the de minimis rate of 10% for determining indirect cost amounts for its federal programs to ensure a more accurate allocation of costs.
This Schedule is presented using the modified accrual basis of accounting for expenditures accounted for in
governmental type funds and on the accrual basis of accounting for expenses of the proprietary fund types. Such
expenditures/expenses are recognized following the cost principles contained in the Uniform Guidance, Cost
Principles for State, Local, and Indian Tribal Governments, whereas certain types of expenditures/ expenses are not
allowable or are limited as to reimbursement.
Title: NOTE 3 - INDIRECT COST RATE ELECTION
Accounting Policies: This Schedule is presented using the modified accrual basis of accounting for expenditures
accounted for in governmental type funds and on the accrual basis of accounting for expenses of
the proprietary fund types. Such expenditures/expenses are recognized following the cost principles
contained in the Uniform Guidance, Cost Principles for State, Local, and Indian Tribal
Governments, whereas certain types of expenditures/expenses are not allowable or are limited as
to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The County opted not to use the de minimis rate of 10% for determining indirect cost amounts for its federal programs to ensure a more accurate allocation of costs.
The County did not elect to use the de minimis rate of 10% for determining indirect cost amounts for its federal
programs.
Title: Note 4. Prior Year Expenditures
Accounting Policies: This Schedule is presented using the modified accrual basis of accounting for expenditures
accounted for in governmental type funds and on the accrual basis of accounting for expenses of
the proprietary fund types. Such expenditures/expenses are recognized following the cost principles
contained in the Uniform Guidance, Cost Principles for State, Local, and Indian Tribal
Governments, whereas certain types of expenditures/expenses are not allowable or are limited as
to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The County opted not to use the de minimis rate of 10% for determining indirect cost amounts for its federal programs to ensure a more accurate allocation of costs.
Prior years’ Schedule of Expenditures of Federal Awards and State Financial Assistance incorrectly reported County
match amounts. Two years (fiscal year ended September 30, 2022, and fiscal year ended September 30, 2023)
were overreported for a combined total of $23,898 between both years. The County’s major grant determination for
both years was not impacted.