Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Revenue from federal awards is recognized when the Consortium has done everything necessary to establish its right to
revenue and the revenue is available to pay liabilities in the current period. Expenditures of federal awards are recognized in
the accounting period when the liability is incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee uses the de minimus cost rate
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Consortium and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the compliance requirements of the 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 and individual fund financial statements.
Title: Non-Cash Assistance
Accounting Policies: Revenue from federal awards is recognized when the Consortium has done everything necessary to establish its right to
revenue and the revenue is available to pay liabilities in the current period. Expenditures of federal awards are recognized in
the accounting period when the liability is incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee uses the de minimus cost rate
The Consortium did not expend any federal awards in the form of non-cash assistance during the year ended June 30, 2023.
Title: Reconciliation
Accounting Policies: Revenue from federal awards is recognized when the Consortium has done everything necessary to establish its right to
revenue and the revenue is available to pay liabilities in the current period. Expenditures of federal awards are recognized in
the accounting period when the liability is incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee uses the de minimus cost rate
Total federal expenditures in the financial statements $2,260,863. Total federal expenditures in the Schedule of Federal Awards 2,256,337. Difference $4,526. The $4,526 variance is interest income in the WIOA Grants.