Notes to SEFA
Title: Financial Reporting Entity
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments orcredits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Madison County, Florida ("County") reporting entity is defined in Note 1 of the County's Basic Financial
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments orcredits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards and state financial assistance (the "Schedule") includesthe federal award and state financial assistance activity of Madison County, Florida under programs of the federal andstate government for the year ended September 30, 2022. The information in this Schedule is presented in accordancewith 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 presentsonly a selected portion of the operations of Madison County, Florida, it is not intended to and does not present thebalance sheet, changes in fund balances, or cash flows of Madison County, Florida.