Notes to SEFA
Title: BASIS OF ACCOUNTING
Accounting Policies: 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. Therefore, some amounts presented in this Schedule may differ from amounts presented in the financial statements. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards.
De Minimis Rate Used: Y
Rate Explanation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the activity of all federal grants of Tazewell County, Illinois (the County). The Tazewell County reporting entity is defined in Note 1 to the County’s basic financial statements. Federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included on the Schedule. The County has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in Note 1 to the County’s basic financial statements.
Title: OTHER NONCASH ASSISTANCE
Accounting Policies: 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. Therefore, some amounts presented in this Schedule may differ from amounts presented in the financial statements. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards.
De Minimis Rate Used: Y
Rate Explanation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the activity of all federal grants of Tazewell County, Illinois (the County). The Tazewell County reporting entity is defined in Note 1 to the County’s basic financial statements. Federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included on the Schedule. The County has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The County did not receive any federal awards in the form of noncash assistance for insurance in effect during the year, loans, or loan guarantees.
Title: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: 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. Therefore, some amounts presented in this Schedule may differ from amounts presented in the financial statements. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards.
De Minimis Rate Used: Y
Rate Explanation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the activity of all federal grants of Tazewell County, Illinois (the County). The Tazewell County reporting entity is defined in Note 1 to the County’s basic financial statements. Federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included on the Schedule. The County has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Amounts reported in the accompanying Schedule agree with the amounts reported in the related federal financial reports unless there are timing differences.