Notes to SEFA
Title: Note F – Federally Funded Loan Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for Audits of State, Local, and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowed or are limited as reimbursement. When applicable, negative amount shown on the Schedule represent adjustments or credits made in the normal course of business as expenditures in prior years. The County reports commodities consumed on the Schedule at the fair value of the commodities received. The County also received two donated vehicles with a total value of $131,294 under the grant program. Lyon County passed $336,241 in federal awards received to several other governments and one nonprofit organization. Certain Federal programs require Lyon County to contribute non-Federal funds (matching funds) to support the Federally Funded programs. Lyon County has met its matching requirements. The Schedule does not include the expenditure for non-Federal matching funds.
De Minimis Rate Used: Y
Rate Explanation: The County had five grants with allowable indirect costs claimed under the Uniform Guidance provisions. The County had three grants that used the 10-percent de minimis indirect cost rate, one grant that used an 8% rate; and one grant that used a 5% rate, all of which were allowed with prior budgetary approval.
Lyon County authorized a general obligation/revenue bond through the Nevada Department of Environmental Protection – State Revolving Fund on August 26, 2021 to pay for a portion of three sewer projects. The bonds are in a drawn-down basis until the full amount of the $20,000,000 of the issue has been expended on the sewer Projects.