Notes to SEFA
Title: Note 1 -- Basis of Presentation
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
(3) The Town did not have any loans or loan guarantees which are subject to reporting requirements for the year.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10 percent de minimis indirect cost rate because they only request direct costs for reimbursement.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of Bluefield, Virginia, under
programs of the federal government for the year ended June 30, 2023. 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). Because the Schedule presents only a selected portion of the operations of the Town of Bluefield, Virginia, it is not intended to and does not
present the financial position, changes in net position, or cash flows of the Town of Bluefield, Virginia.
Title: Note 3 -- Subrecipients
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
(3) The Town did not have any loans or loan guarantees which are subject to reporting requirements for the year.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10 percent de minimis indirect cost rate because they only request direct costs for reimbursement.
The Town did not have any subrecipients during the fiscal year.
Title: Note 4 -- Relationship to the Financial Statements:
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
(3) The Town did not have any loans or loan guarantees which are subject to reporting requirements for the year.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10 percent de minimis indirect cost rate because they only request direct costs for reimbursement.
See the chart in Notes to SEFA