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Indian River County, Florida <br />Notes to Schedule of Expenditures of Federal Awards <br />and State Projects <br />For the Fiscal Year Ended September 30, 2014 <br />NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />The accounting policies and presentation of the Single Audit Report of Indian River County, Florida, <br />(the "County") have been designed to conform to generally accepted accounting principles as applicable <br />to governmental units, including the reporting and compliance requirements of the Audits of States, <br />Local Governments, and Non -Profit Organizations and Office of Management and Budget Circular A- <br />133 <br />A. Reporting Entity <br />The reporting entity consists of Indian River County, the primary government, and each of its <br />component units. The County includes a Schedule of Expenditures of Federal Awards and State <br />Projects in the Compliance Section. <br />B. Basis of Accounting <br />Basis of accounting refers to when revenues and expenditures or expenses are recognized in the <br />accounts and reported in the financial statements. Basis of accounting relates to the timing of the <br />measurements made, regardless of the measurement focus. The Schedule of Expenditures of Federal <br />Awards and State Projects is maintained on a modified accrual basis of accounting for governmental <br />funds and a full accrual basis for proprietary funds, which is explained further in the notes to the <br />financial statements. Such expenditures are recognized following the cost principles contained in OMB <br />A-87 Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of <br />expenditures are not allowable or are limited as to reimbursement. <br />C. Program Clusters <br />OMB Circular A-133 defines a cluster of programs as a grouping of closely related programs that share <br />common compliance requirements. According to this definition, similar programs deemed to be a cluster <br />of programs are tested accordingly. <br />D. Contingencies <br />Grant revenue amounts received by the County are subject to audit and adjustment by the grantor <br />agencies. Such audits may result in requests for reimbursement by the grantor agency. Any adjustments <br />to grant funding are recorded in the year the adjustment occurs. <br />218 <br />