Title: Basis of Presentation
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect to use the 10-percent 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 County of Lunenburg, Virginia under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the County of Lunenburg, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County of Lunenburg, Virginia.
Title: Food Donation
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The value of federal awards expended in the form of noncash assistance for food commodities is reported in the schedule.
Title: Relationship to Financial Statements
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Federal expenditures, revenues and capital contributions are reported in the County'sbasic financial statements as follows: Intergovernmental federal revenues per the basic financial statements:Primary government:General Fund $ 1,743,787County Debt Service Fund 142,999Total primary government $ 1,886,786Component Unit School Board:School Operating Fund $ 4,714,478School Special Revenue Fund 1,331,232Total component unit school board $ 6,045,710Total federal expenditures per basic financial statements $ 7,932,496BAB's subsidy $ (142,999)Total federal expenditures per the Schedule of Expenditures ofFederal Awards $ 7,789,497
Title: Loan Balances
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The County has no loans or loan guarantees which are subject to reporting requirements for the current year.