Audit 363782

Title: Basis of Presentation Accounting Policies: Amounts reported in the accompanying Schedule are presented using the modified accrual basis of accounting, which is described in Note 1 to the County’s financial statements. Related federal financial reports are prepared on the cash basis of accounting. For the purpose of the Schedule, federal awards include grants, contracts, loans, and loan guarantee agreements entered into directly between the County and agencies and departments of the federal government or passed through other government agencies or other organizations. De Minimis Rate Used: N Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414. The County’s Cost Allocation Plan rate is above 10%. However, the State does not allow more than 10% of indirect costs to be charged to the grants. The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal awards programs of Boone County, Missouri (the County). 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.