Title: Basis of Presentation
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost priciples contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Buchanan, Virginia under programs of the federal government for the year ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of the County of Buchanan, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County of Buchanan, Virginia.
Title: Relationship to the Financial Statements
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost priciples contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows: Primary government: General Fund-Intergovernmental $27,088,458 Less: revenue from the commonwealth (18,138,997) Coal Road Fund-Intergovernmental: 157,500 Less: Revenue from the commonwealth (157,700) Component Unit Public Service Authority: Federal contributions in aid of construction: 1,135,496 Component Unit School Board: 42,926,762 Less: Revenue from Local Governments (7,700,000) Less: Revenue from the commonwealth (24,568,003) Total of 20,743,716
Title: Outstanding Balance of Federal Loans
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost priciples contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The County has not received any federal funding through loans.
Title: Food Donation
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost priciples contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
Title: Subrecipients
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost priciples contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The County did not have any subrecipients for the year ended June 30, 2023.