Notes to SEFA
Title: Note 2 Basis Of Accounting
Accounting Policies: Note 1 General The accompanying schedule of expenditures of federal and state awards presents the activity of all federal and state financial assistance programs of Ector County, Texas (the County). The Countys reporting entity is defined in Note 1 to the Countys basic financial statements. Federal and state financial assistance expended from funds received from federal and stateagencies as well as federal and state financial assistance passed through other government agencies are included in the respective schedule. The value of federal and state awards expended in the form of noncash assistance is zero. The value of loans or loan guarantees outstanding at the year ended September 30, 2022 is zero.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. See Note 4.
The accompanying schedule of expenditures of federal and state awards is presented using the modified accrual basis of accounting. Expenditures are recognized when the related fund liability is incurred. Federal and state grants are considered to be earned to the extent of expenditures made under the provisions of the grant and, accordingly, when such funds are received they are recorded as unearned revenue until earned.
Title: Note 3 Relationship To Basic Financial Statements
Accounting Policies: Note 1 General The accompanying schedule of expenditures of federal and state awards presents the activity of all federal and state financial assistance programs of Ector County, Texas (the County). The Countys reporting entity is defined in Note 1 to the Countys basic financial statements. Federal and state financial assistance expended from funds received from federal and stateagencies as well as federal and state financial assistance passed through other government agencies are included in the respective schedule. The value of federal and state awards expended in the form of noncash assistance is zero. The value of loans or loan guarantees outstanding at the year ended September 30, 2022 is zero.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. See Note 4.
Federal and state financial assistance revenues are reported as intergovernmental revenues in the Countys basic financial statements. The federal and state financial assistance revenues and expenditures are reported in the General Fund, Capital Projects Fund, and in Special Revenue Funds.
Title: Note 4 De Minimis Indirect Cost Rate
Accounting Policies: Note 1 General The accompanying schedule of expenditures of federal and state awards presents the activity of all federal and state financial assistance programs of Ector County, Texas (the County). The Countys reporting entity is defined in Note 1 to the Countys basic financial statements. Federal and state financial assistance expended from funds received from federal and stateagencies as well as federal and state financial assistance passed through other government agencies are included in the respective schedule. The value of federal and state awards expended in the form of noncash assistance is zero. The value of loans or loan guarantees outstanding at the year ended September 30, 2022 is zero.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. See Note 4.
The County has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.