Notes to SEFA
Title: Coronavirus State and Local Fiscal Recovery Funds
Accounting Policies: Reporting EntityThe Schedule of Expenditures of Federal Awards presents the activities of federal award programs expended by Cottonwood County. The Countys reporting entity is defined in Note 1 to the financial statements.Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Cottonwood County under programs of the federal government for the year ended December 31, 2022. 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 Cottonwood County, it is not intended to and does not present the financial position, changes in net position, or cash flows of Cottonwood 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: The auditee did not use the de minimis cost rate.
During the current year, Cottonwood County has identified $322,054 of 2021 expenditures to be applied to the Coronavirus State and Local Fiscal Recovery Funds, assistance listing 21.027. These expenditures were not identified in time to be included on the 2021 Schedule of Expenditures of Federal Awards. Because they are not current year expenditures, they are not included in the 2022 Schedule of Expenditures of Federal Awards.