Audit 19342

Accounting Policies: NOTE 1: BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal and State Awards (Schedule) presents the activity of all applicable federal and state awards of the Workforce Solutions of West Central Texas Board for the year ended September 30, 2022. The Board's reporting entity is defined in Note 1 of the financial statements. Federal awards received directly from federal agencies as well as federal awards passed through other governmental agencies and state awards are included on the Schedule of Expenditures of Federal and State Awards. The information 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) and State of Texas Uniform Grant Management Standards. Because the schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position or change in net position of the Board.NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported in the accompanying Schedule of Expenditures of Federal and State Awards are reported on the modified accrual basis of accounting. The modified accrual basis of accounting is described in Note 3 of the financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. The format for the Schedule of Expenditures of Federal and State Awards has been prescribed by the Uniform Guidance. Such format includes revenue and expenditures recognized in the Workforce Solutions of West Central Texas Board's financial statements. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Workforce Solutions of West Central Texas Board has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.NOTE 3: REVENUE RECONCILIATIONIntergovernmental revenue is composed of the following:State awards$ 1,051,953Federal awards 16,306,201Vendor funding 454,237 Total Intergovernmental Revenue$ 17,812,391 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.