Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: MassHire North Central Workforce Board (the Organization) has elected to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Schedule includes the federal award activity of the Organization, 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 Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Because the Schedule presents only a selected portion of the Organization’s operations, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Title: Subrecipients
Accounting Policies: Expenditures reported on schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: MassHire North Central Workforce Board (the Organization) has elected to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Organization passes certain federal awards receive to other nonprofit agencies (subrecipients).
The Organization has certain compliance responsibilities for subrecipients, such as monitoring its subrecipients to help assure they use the sub awards as authorized by laws, regulations and provisions of contracts or grant agreements, and that subrecipients achieve the award’s performance goals.