Audit 24974

Title: Subrecipients Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal grant activity of Upper Cumberland Local Workforce Development Board, Inc. The information in this schedule 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. De Minimis Rate Used: N Rate Explanation: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Upper Cumberland Local Workforce Development Board, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Of the federal expenditures presented in the schedule, the Organization provided federal awards of $1,987,195 to subrecipients.