Title: Note A - Basis of Presentation
Accounting Policies: Note B - Summary of Significant Accounting Policies - (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Note D - Indirect Cost Recovery - The entity has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Rockbridge Area Community Services Board under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations 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 Rockbridge Area Community Services Board, it is not intended to and does not present the financial position, changes in net position, or cash flows of Rockbridge Area Community Services Board.
Title: Note C - Subrecipients
Accounting Policies: Note B - Summary of Significant Accounting Policies - (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Note D - Indirect Cost Recovery - The entity has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
No awards were passed through to subrecipients.
Title: Note E - Reconciliation of the Schedule of Expenditures of Federal Awards to Federal Revenues Reported on the Statement of Revenues, Expenses and Changes in Net Position
Accounting Policies: Note B - Summary of Significant Accounting Policies - (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Note D - Indirect Cost Recovery - The entity has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Federal revenue reported $ 852,720
Title: Note E - Reconciliation of the Schedule of Expenditures of Federal Awards to Federal Revenues Reported on the Statement of Revenues, Expenses and Changes in Net Position
Accounting Policies: Note B - Summary of Significant Accounting Policies - (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Note D - Indirect Cost Recovery - The entity has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Reconciling items:
Title: Note E - Reconciliation of the Schedule of Expenditures of Federal Awards to Federal Revenues Reported on the Statement of Revenues, Expenses and Changes in Net Position
Accounting Policies: Note B - Summary of Significant Accounting Policies - (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Note D - Indirect Cost Recovery - The entity has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Unexpended current year funds (52,995)
Title: Note E - Reconciliation of the Schedule of Expenditures of Federal Awards to Federal Revenues Reported on the Statement of Revenues, Expenses and Changes in Net Position
Accounting Policies: Note B - Summary of Significant Accounting Policies - (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Note D - Indirect Cost Recovery - The entity has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Revenue recognition timing differences 346,100
Title: Note E - Reconciliation of the Schedule of Expenditures of Federal Awards to Federal Revenues Reported on the Statement of Revenues, Expenses and Changes in Net Position
Accounting Policies: Note B - Summary of Significant Accounting Policies - (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Note D - Indirect Cost Recovery - The entity has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Total expenditures of federal awards $ 1,145,825