Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Note B - Summary of Significant Accounting Policies - 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.
De Minimis Rate Used: N
Rate Explanation: Note C - De Minimis Cost Rate - The Organization 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 Shenandoah Valley Workforce Development Board, Inc. under programs of the federal government for the year ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Shenandoah Valley Workforce Development Board, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Shenandoah Valley Workforce Development Board, Inc.
Title: Note D - Loan Balances
Accounting Policies: Note B - Summary of Significant Accounting Policies - 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.
De Minimis Rate Used: N
Rate Explanation: Note C - De Minimis Cost Rate - The Organization did not elect to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The Organization has no loans or loan guarantees which are subject to reporting requirements in the current year.
Title: Note E - Subrecipients
Accounting Policies: Note B - Summary of Significant Accounting Policies - 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.
De Minimis Rate Used: N
Rate Explanation: Note C - De Minimis Cost Rate - The Organization did not elect to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
No federal funding was passed thorugh to subrecipients during the fiscal year ended June 30, 2023.