Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: The expenditures on this schedule are on the basis of accounting used by the individual funds of Sherburne County. Governmental funds use the modified accrual basis of accounting, and the enterprise fund uses the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance
for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The County has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Sherburne 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 2 CFR 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 Sherburne County, it is
not intended to and does not present the financial position, changes in net assets, or cash flows of Sherburne County.
Title: INDIRECT COST RATE
Accounting Policies: The expenditures on this schedule are on the basis of accounting used by the individual funds of Sherburne County. Governmental funds use the modified accrual basis of accounting, and the enterprise fund uses the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance
for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The County has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The County has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: RECONCILIATION TO THE SCHEDULE OF INTERGOVERNMENTAL REVENUES
Accounting Policies: The expenditures on this schedule are on the basis of accounting used by the individual funds of Sherburne County. Governmental funds use the modified accrual basis of accounting, and the enterprise fund uses the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance
for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The County has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal Grant Revenue Per Schedule of Intergovernmental Revenue $ 13,684,836
Unavailable revenues related to pre-construction contract to be received in 2025 ALN number 20.205 567,087 Expenditures per the Schedule of Expenditures of
Federal Awards $ 14,251,923