Notes to SEFA
Title: FOOD DISTRIBUTION
Accounting Policies: The accompanying schedule of federal expenditures includes the activity of all federally assisted programs of the County of New Kent, Virginia and is presented on the modified accrual basis of accounting, as described in Note 1 to the County's basic financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on this schedule.
De Minimis Rate Used: N
Rate Explanation: The County of New Kent has not elected to use the 10% de minimis cost rate.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
Title: OUTSTANDING LOAN BALANCES
Accounting Policies: The accompanying schedule of federal expenditures includes the activity of all federally assisted programs of the County of New Kent, Virginia and is presented on the modified accrual basis of accounting, as described in Note 1 to the County's basic financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on this schedule.
De Minimis Rate Used: N
Rate Explanation: The County of New Kent has not elected to use the 10% de minimis cost rate.
At June 30, 2023, the County of New Kent, had no outstanding loan balances requiring continuing disclosure.