Audit 53662

Accounting Policies: NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe accounting policies and presentation of the Single Audit Report of Suwannee County, Florida,(the County) have been designed to conform to generally accepted accounting principles asapplicable to governmental units, including the reporting and compliance requirements applicableto financial audits contained in Government Auditing Standards, issued by the Comptroller Generalof the United States, Title 2 U.S. Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles and Audit Requirements for Federal Awards andChapter 10.550, Rules of the State of Florida, Office of the Auditor General.A. Reporting EntityThe reporting entity consists of Suwannee County, the primary government, and each of itscomponent units. The County includes a Schedule of Federal Awards and State FinancialAssistance in the Compliance Section.B. Basis of AccountingThe accompanying Schedule of Expenditures of Federal Awards and State Financial Assistanceincludes the federal and state award activity of Suwannee County, Florida, and is presented on theaccrual basis of accounting. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards and Chapter 10.550,Rules of the State of Florida, Office of the Auditor General. Therefore, some amountspresented in this schedule may differ from amounts presented in, or used in the preparation of, thefinancial statements.Basis of accounting refers to when revenues and expenditures or expenses are recognized in theaccounts and reported in the financial statements. Basis of accounting relates to the timing of themeasurements made, regardless of the measurement focus.The modified accrual basis of accounting is followed in the Schedule of Federal Awards and StateFinancial Assistance. Under the modified accrual basis, revenues are recognized when theybecome measurable and available. Revenues are considered to be available when they arecollectible within the current period or soon enough thereafter to pay liabilities of the currentperiod. For this purpose, the County considers revenues to be available if they are collected within60 days after the end of the current fiscal period. Expenditures generally are recorded when aliability is incurred, as under accrual accounting. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.