Notes to SEFA
Title: None
Accounting Policies: The County accounts for all federal awards under programs of the federal and state government in the General and Special Revenue Funds. These programs are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities are generally included on the balance sheet. Operating statemetns of these funds present increases (i.e. revenus and other financing sources} and decreases (i.e. expenditures and other financing uses) in net current assets. The modified accrual basis of accounting is used for these funds. This basis of accounting recognizes revenues in the accounting period in which they become ussceptible to accrual, i.e. both measurable and available, and expenditures in the accounting period in which the liability is incurred. If measurable, except for certain compensated absences and claims and judgments, which are recognized when the obligations are expected to be liquidated with expendable available financial resources. Federal and state grant funds for governmental funds are considered to be earned to the extent of expenditures made under the provisions of the grant. When such funds are advanced to the County, they are recorded as unearned revenues until earned. Otherwise, federal grant funds are received on a reimbursement basis from the respective federal program agencies. Generally, unused balances are returned to the grantor at the close of specified project periods.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
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