Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles, wherein certain types of expenditures are not allowable or are limited as to reimbursment. The County has elected no to use the 10% de minimis indirect Cost Rate as outlined in the Uniform Guidance. The County's federal and state awards includes loans or loan guarantees. The County did not recieve any federal or state non-cash assistance for the fiscal year ended September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de mimimis cost rate.
The accompanying schedule of federal awards and state financial assistance (the Schedule) includes the federal and state grant activity of the County, and is presented on the accrual basis of accounting. The information in the 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 (the Uniform Guidance) and Chapter 215.97, Florida Statutes. Thereforem some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basis financial statements.
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles, wherein certain types of expenditures are not allowable or are limited as to reimbursment. The County has elected no to use the 10% de minimis indirect Cost Rate as outlined in the Uniform Guidance. The County's federal and state awards includes loans or loan guarantees. The County did not recieve any federal or state non-cash assistance for the fiscal year ended September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de mimimis cost rate.
The County had the following loan balances outstanding at September 30, 2024. For federal programs, the outstanding loan balance at the beginning of the year and the current year additions related to the loans are included in the Schedule as expenditures. For state programs, only the current year additions related to the loans are included in the Schedule.
Title: CONTINGENCIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles, wherein certain types of expenditures are not allowable or are limited as to reimbursment. The County has elected no to use the 10% de minimis indirect Cost Rate as outlined in the Uniform Guidance. The County's federal and state awards includes loans or loan guarantees. The County did not recieve any federal or state non-cash assistance for the fiscal year ended September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de mimimis cost rate.
Expenditures incurred by the County are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Management believes that if audited, any adjustments for disallowed expenditures would be immaterial in amount. As of September 30, 2024, management is not aware of any material questioned or disallowed expenditures as a result of grant audits in process or completed.