6-20-22 BOC Regular Meeting - Laserfiche WebLink

Home Browse Search

may be made of the equipment or other capital asset involved when no longer needed for the purpose for which it was originally required. 3. Be authorized and not prohibited under state or local laws or regulations. 4. Conform to any limitations or exclusions set forth in the principles, federal laws, Federal award terms, and other governing regulations as to types or amounts of cost items. 5. Be consistent with policies, regulations, and procedures that apply uniformly to both the federal award and other activities of Lee County. 6. Be accorded consistent treatment. A cost MAY NOT be assigned to a federal award as a direct cost and also be charged to a federal award as an indirect cost. And a cost must be treated consistently for both federal award and non-federal award expenditures. 7. Be determined in accordance with generally accepted accounting principles (GAAP), unless provided otherwise in the UGG. 8. Be net of all applicable credits.' The term "applicable credits"refers to those receipts or reduction of expenditures that operate to offset or reduce expense items allocable to the federal award. Typical examples of such transactions are purchase discounts; rebates or allowances; recoveries or indemnities on losses; and adjustments of overpayments or erroneous charges. To the extent that such credits accruing to and received by the local government related to the federal award, they shall be credited to the Federal award, either as a cost reduction or a cash refund, as appropriate and consistent with the award terms and the County's Program Income Policy. 9. Be adequately documented. SELECTED ITEMS OF COST The UG examines the allowability of fifty-five(55) specific cost items (commonly referred to as Selected Items of Cost) at 2 CFR § 200.420-.475. Lee County Finance is responsible for determining cost allowability must be familiar with the Selected Items of Cost. Lee County and subrecipients must follow the applicable regulations when charging these specific expenditures to the Federal grant. The Finance Office will check costs against the selected items of cost requirements to ensure the cost is allowable and that all process and documentation requirements are followed. In addition, State laws, Lee County regulations, and program-specific rules may deem a cost as unallowable, and all Lee County personnel must follow those non-federal rules as well. Exhibit A identifies and summarizes the Selected Items of Cost. DIRECT AND INDIRECT COSTS 42 C.F.R OMB Guidance Subpart E,pg. 156,200.406 6