Title: Reporting Entity
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The schedule of expenditures of federal awards (the Schedule) presents the activities of federal award programs expended by Olmsted County (the County). The County's financial statements include the operations of the Olmsted County Housing and Redevelopment Authority (the HRA), a blended component unit of the County, which expended $10,883,755 in federal awards during the year ended December 31, 2024. The HRA's federal awards are not included in the schedule of expenditures of federal awards, since the HRA has been audited by other auditors and those amounts are reported in a separate report. The County's reporting entity is defined in Note 1 to the financial statements.
Title: 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of the County under programs of the federal government for the year ended December 31, 2024. 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 the County, it is not intended to and does not present the financial position, changes in net position or cash flows of the County.
Title: Reconciliation to Schedule of Intergovernmental Revenue
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal grant revenue per Schedule of Intergovernmental Revenue $ 33,601,780
Grants received more than 45 days after year-end, unavailable revenue in 2024:
High Intensity Drug Trafficking Areas Program 53,526
State Administrative Matching Grants for the Supplemental Nutrition Assistance Program 351,523
Temporary Assistance for Needy Families 391,632
Emergency Management Performance Grants 73,716
Fost Care Title IV-E 307,584
Crime Victim Assistance 24,473
Highway Planning and Construction 196,001
Unavailable in 2023; recognized as revenue in 2024:
WIC Special Supplemental Nutrition Program for Women, Infants and Children (33,380)
Temporary Assistance for Needy Families (534,235)
Community-Based Child Abuse Prevention Grants (47,186)
Foster Care Title IV-E (9,320)
Medical Assistance Program (348,758)
High Intensity Drug Trafficking Areas Program (60,000)
Highway Planning and Construction (640,270)
The Olmsted County HRA component unit is not included in Olmsted County's Schedule of Expenditures of Federal Awards. That information is included in the separately issued financial statements of the HRA.
(10,883,755)
Olmsted County HRA reconciling items between the Schedule of Expenditures of Federal Awards and the Schedule of Intergovernmental Revenue
1,723,098
Total $ 24,166,429