Notes to SEFA
Title: NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES USED IN PREPARING THE SCHEDULE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Panola County,
Texas, under programs of the federal government for the year ended December 31, 2024 and is presented on the
modified accrual basis of accounting. 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 operations of Panola County, Texas, it is not intended to and does not present the financial
position, changes in net assets or cash flows of Panola County, Texas.
De Minimis Rate Used: N
Rate Explanation: not considered necessary
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Panola County,
Texas, under programs of the federal government for the year ended December 31, 2024 and is presented on the
modified accrual basis of accounting. 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 operations of Panola County, Texas, it is not intended to and does not present the financial
position, changes in net assets or cash flows of Panola County, Texas.
Title: NOTE 2 – INDIRECT COST RATES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Panola County,
Texas, under programs of the federal government for the year ended December 31, 2024 and is presented on the
modified accrual basis of accounting. 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 operations of Panola County, Texas, it is not intended to and does not present the financial
position, changes in net assets or cash flows of Panola County, Texas.
De Minimis Rate Used: N
Rate Explanation: not considered necessary
The County did not elect to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.