Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) includes the federal grant and state award activity of the County under programs of the federal and state government. 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) and Chapter 10.550, Rules of the Auditor General. Because this schedule presents only a selected portion of the operations of the County, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles, wherein certain types of expenditures are not allowable or are limited as to reimbursementNOTE 3 INDIRECT COST RATEThe County has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE 4 LOAN OR LOAN GUARANTEE PROGRAMSThe County does not participate in any loan or loan guarantee programs.NOTE 5 FEDERALLY FUNDED INSURANCEThe County does not receive any federally funded insurance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.