Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Morgan County, Illinois. The County's reporting entity is defined in Note 1 to the County's financial statements. BASIS OF ACCOUNTING: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting. RELATIONSHIP TO BASIC FINANCIAL STATEMENTS: Federal awards received are reflected in the County's financial statements as revenue from federal sources.
De Minimis Rate Used: N
Rate Explanation: Morgan County, Illinois did not elect to use the de minimis 10% indirect cost rate for federal programs
The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Morgan County, Illinois. The County's reporting entity is defined in Note 1 to the County's financial statements. BASIS OF ACCOUNTING: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting. RELATIONSHIP TO BASIC FINANCIAL STATEMENTS: Federal awards received are reflected in the County's financial statements as revenue from federal sources.
Title: Reconciliation of Financial Statement Federal Revenues to Schedule of Expenditures of Federal Awards
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Morgan County, Illinois. The County's reporting entity is defined in Note 1 to the County's financial statements. BASIS OF ACCOUNTING: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting. RELATIONSHIP TO BASIC FINANCIAL STATEMENTS: Federal awards received are reflected in the County's financial statements as revenue from federal sources.
De Minimis Rate Used: N
Rate Explanation: Morgan County, Illinois did not elect to use the de minimis 10% indirect cost rate for federal programs
Federal revenues per financial statements $4,357,457; Non-cash assistance not included in financial statements $0; Federal revenues per schedule of expenditures of federal awards $4,357,457
Title: Federal Insurance
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Morgan County, Illinois. The County's reporting entity is defined in Note 1 to the County's financial statements. BASIS OF ACCOUNTING: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting. RELATIONSHIP TO BASIC FINANCIAL STATEMENTS: Federal awards received are reflected in the County's financial statements as revenue from federal sources.
De Minimis Rate Used: N
Rate Explanation: Morgan County, Illinois did not elect to use the de minimis 10% indirect cost rate for federal programs
Morgan County, Illinois had no federal insurance in effect during the year ended August 31, 2024
Title: Federal Loans/Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Morgan County, Illinois. The County's reporting entity is defined in Note 1 to the County's financial statements. BASIS OF ACCOUNTING: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting. RELATIONSHIP TO BASIC FINANCIAL STATEMENTS: Federal awards received are reflected in the County's financial statements as revenue from federal sources.
De Minimis Rate Used: N
Rate Explanation: Morgan County, Illinois did not elect to use the de minimis 10% indirect cost rate for federal programs
Morgan County, Illinois had no federal loans or loan guarantees outstanding as of August 31, 2024
Title: Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Morgan County, Illinois. The County's reporting entity is defined in Note 1 to the County's financial statements. BASIS OF ACCOUNTING: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting. RELATIONSHIP TO BASIC FINANCIAL STATEMENTS: Federal awards received are reflected in the County's financial statements as revenue from federal sources.
De Minimis Rate Used: N
Rate Explanation: Morgan County, Illinois did not elect to use the de minimis 10% indirect cost rate for federal programs
Morgan County, Illinois did not elect to use the 10% de minimis cost rate for federal programs