Notes to SEFA
Accounting Policies: Note 1. GeneralThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Chaffee County under programs of the federal government for the year ended December 31, 2021. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Chaffee County, it is not intended to and does not present the financial position, changes in net position, or cash flows of Chaffee 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 contained in the Uniform Guidance, whereas certain types of expenditures are not allowable or are limited as to reimbursement.Note 3 Indirect Facilities and Administration CostsThe County did not elect to use the 10% de minimis cost rate allowed in Title 2 U.S. Code of Federal Regulations (CFR) Part 200.414, Indirect (F&A) costs. Instead, the County prepares an annual cost allocation plan to allocate indirect costs.
De Minimis Rate Used: N
Rate Explanation: The County did not elect to use the 10% de minimis cost rate allowed in Title 2 U.S. Code of Federal Regulations (CFR) Part 200.414, Indirect (F&A) costs. Instead, the County prepares an annual cost allocation plan to allocate indirect costs.