Notes to SEFA
Title: Reconciliation to Schedule of Intergovernmental Revenue
Accounting Policies: Summary of Significant Account Policies
A. Reporting Entity
The Schedule of Expenditures of Federal Awards presents the activities of federal award programs expended by Stearns County. The County’s reporting entity is defined in Note 1 to the financial statements. The schedule does not include $1,986,941 in federal awards expended during the year ended June 30, 2024, by the Housing and Redevelopment Authority (HRA) of Stearns County component unit, which had a separate single audit performed by other auditors.
B. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Stearns 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
Stearns County, it is not intended to and does not present the financial position, changes in net position, or cash flows of Stearns County.
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following 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
Stearns County has not elected to use the 10 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 SEFA for Charts/Tables