Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is
presented using the modified accrual basis of accounting for all governmental fund grants and the
accrual basis of accounting for all proprietary fund grants. The basis of accounting is described in
Note 1 to the County’s financial statements. Such expenditures are recognized following the cost
principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain type of
expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
schedule represent adjustments or credits made in the normal course of business to amounts
reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: Okaloosa County, Florida has elected to use the 10 percent de minimis indirect cost rate allowed
under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance
(the Schedule) presents the activity of all federal funded programs and state funded projects of
Okaloosa County, Florida for the year ended September 30, 2024. All federal awards received
directly from federal agencies as well as federal awards passed through other government agencies
are included on the schedule. Funds received and expended as state financial assistance reported
on the schedule include only those state funds provided from state resources to carry out state
projects. 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) and Chapter 10.550,
Rules of the Auditor General. Because the Schedule presents only a selected portion of the
operations of Okaloosa County, Florida, it is not intended to, and does not, present the financial
position, changes in net position, or cash flows of Okaloosa County, Florida.
Title: EXPENDITURES INCURRED IN THE PRIOR FISCAL YEAR
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is
presented using the modified accrual basis of accounting for all governmental fund grants and the
accrual basis of accounting for all proprietary fund grants. The basis of accounting is described in
Note 1 to the County’s financial statements. Such expenditures are recognized following the cost
principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain type of
expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
schedule represent adjustments or credits made in the normal course of business to amounts
reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: Okaloosa County, Florida has elected to use the 10 percent de minimis indirect cost rate allowed
under the Uniform Guidance.
A total of approximately $6.7 million in expenditures were incurred in a prior fiscal year. These
funds were expended under contract SLT-0786 of the assistance listing number 21.027 and were
recognized as part of the $10 million one-time allowance.