Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: 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, w herein certain types 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.
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 limited as to
reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Rankin County, Mississippi has elected to use the 10% de minimis indirect cost rate allowed
under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the
federal award activity of Rankin County, Mississippi under programs of the federal government
for the year ended September 30, 2023. 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). Because the Schedule presents only a selected portion of the operations of
Rankin County, Mississippi, it is not intended to and does not present the financial position,
changes in net position, or cash flow s of Rankin County, Mississippi.
Title: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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, w herein certain types 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.
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 limited as to
reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Rankin County, Mississippi has elected to use the 10% de minimis indirect cost rate allowed
under Uniform Guidance.
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, w herein certain types 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.
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 limited as to
reimbursement.
Title: NOTE 3 INDIRECT COST RATE
Accounting Policies: 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, w herein certain types 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.
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 limited as to
reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Rankin County, Mississippi has elected to use the 10% de minimis indirect cost rate allowed
under Uniform Guidance.
Rankin County, Mississippi has elected to use the 10% de minimis indirect cost rate allowed
under Uniform Guidance.