Notes to SEFA
Title: Note 3. Relationship to Federal Financial Reports
Accounting Policies: The accompanying schedules of expenditures of federal and state awards present the activity of all applicable federal and state awards of Guadalupe County, Texas (the County). Federal and state awards received directly from federal and state agencies as well as federal and state awards passed through other government agencies are included in the respective schedule. The accompanying schedules of expenditures of federal and awards are presented using the modified accrual basis of accounting. Expenditures are recognized when the related fund liability is incurred. Federal and state grants are considered to be earned to the extent of expenditures made under the provisions of the grant and, accordingly, when such funds are received, they are recorded as deferred revenue until earned.
De Minimis Rate Used: N
Rate Explanation: The County has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Grant expenditure reports as of September 30, 2024, which have been submitted to grantor agencies will, in some cases, differ slightly from amounts disclosed herein. The reports prepared for grantor agencies are typically prepared at a later date and often reflect refined estimates of year-end accruals. The reports will agree at termination of the grant as the discrepancies noted are timing differences.