Notes to SEFA
Title: Reconciliation to Schedule of Intergovernmental Revenue
Accounting Policies: Summary of Significant Accounting Policies
Reporting Entity
The Schedule of Expenditures of Federal Awards presents the activities of federal award programs expended by Redwood County. The County’s reporting entity is defined in Note 1 to the financial statements.
Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Redwood 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 of Expenditures of Federal Awards presents only a selected portion of the operations of Redwood County, it is not intended to and does not present the financial position, changes in net position, or cash flows of Redwood County.
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.
De Minimis Rate Used: N
Rate Explanation: De Minimis Cost Rate
Redwood County has elected to not use the ten percent de minimis indirect cost rate nor the 15 percent de minimis indirect cost rate, as applicable, allowed under the Uniform Guidance.
See Notes to the SEFA for Charts/Table
Title: Disaster Grants – Public Assistance (Presidentially Declared Disasters) Program
Accounting Policies: Summary of Significant Accounting Policies
Reporting Entity
The Schedule of Expenditures of Federal Awards presents the activities of federal award programs expended by Redwood County. The County’s reporting entity is defined in Note 1 to the financial statements.
Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Redwood 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 of Expenditures of Federal Awards presents only a selected portion of the operations of Redwood County, it is not intended to and does not present the financial position, changes in net position, or cash flows of Redwood County.
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.
De Minimis Rate Used: N
Rate Explanation: De Minimis Cost Rate
Redwood County has elected to not use the ten percent de minimis indirect cost rate nor the 15 percent de minimis indirect cost rate, as applicable, allowed under the Uniform Guidance.
During the current year, Redwood County identified $186,634 of 2021, 2022, and 2023 expenditures to be applied to the Disaster Grants – Public Assistance (Presidentially Declared Disasters) Program, Assistance Listing No. 97.036. These expenditures were not identified in time to be included in the 2021, 2022, and 2023 Schedule of Expenditures of Federal Awards. Because they are not current year expenditures, they are not included in the 2024 Schedule of Expenditures of Federal Awards.