Notes to SEFA
Title: RECONCILIATION OF FINANCIAL RECORDS TO THE DEPARTMENT OF ECONOMIC OPPORTUNITY'S SUBRECIPIENT ENTERPRISE RESOURCE APPLICATION (SERA)
Accounting Policies: 1. BASIS OF PRESENTATION: THE ACCOMPANYING SCHEDULE OF FEDERAL AWARDS INCLUDED THE FEDERAL GRANT ACTIVITY OF FIRST COAST WORKFORCE DEVELOPMENT, INC. IT WAS PRESENTED ON THE MODIFIED ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IN THE SCHEDULE WAS 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).
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE
THE YEAR-TO-DATE GRANT EXPENDITURE TOTALS REPORTED IN FIRST COAST DEVELOPMENT, INC'S FINANCIAL STATEMENTS ARE RECONCILED TO SERA REPORT TOTALS. DIFFERENCES BETWEEN THE AMOUNTS REPORTED IN THE BOARD'S FINANCIAL RECORDS AND THE REPORTED TOTALS IN SERA OCCUR FREQUENTLY, SINCE ADDITIONAL COSTS FROM INVOICES RECEIVED AFTER THE DUE DATES OF SERA REPORTS, MAY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IN ACCORDANCE WITH THE ORGANIZATION'S NORMAL MONTH-END CLOSING PROCEDURES.
Title: ALLOCATION OF WIOA FUNDING
Accounting Policies: 1. BASIS OF PRESENTATION: THE ACCOMPANYING SCHEDULE OF FEDERAL AWARDS INCLUDED THE FEDERAL GRANT ACTIVITY OF FIRST COAST WORKFORCE DEVELOPMENT, INC. IT WAS PRESENTED ON THE MODIFIED ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IN THE SCHEDULE WAS 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).
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE
FUNDS RECEIVED FROM DEO GRANTS UNDER CONTRACT NUMBER WIS21 WERE ALLOCATED TO FEDERAL CFDA NUMBERS AS FOLLOWS:
WIOA ADULT - 17.258 - 28,899
WIOA YOUTH - 17.259 - 28,899
WIOA DISLOCATED WORKER - 17.278 - 35,423