Audit 28868

Accounting Policies: NOTE 1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe accounting policies and presentation of the Single Audit Report of the North Florida Workforce Development Board, Inc. D/B/A CareerSource North Florida have been designed to conform to generally accepted accounting principles as applicable to governmental units, including the reporting and compliance requirements described in the OMB Compliance Supplement, Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Reporting EntityThe reporting entity consists of North Florida Workforce Development Board, Inc. D/B/A CareerSource North Florida, the primary government. Management has determined that there are no component units. A.Basis of AccountingBasis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus.The modified accrual basis of accounting is followed in the Schedule of Expenditures of Federal Awards. Under the modified accrual basis, revenues are recognized when they become measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Organization considers revenues to be available if they are collected within 60 days after the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.NOTE 2. INDIRECT COST RATENorth Florida Workforce Development Board, Inc. D/B/A CareerSource North Florida, did not elect to use the 10 percent de minimis indirect cost rate. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.