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 principles contained 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 County did not elect the 10% de minimus indirect cost rate because they only request direct costs for reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of County of Carroll, 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 County of Carroll, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of County of Carroll, Virginia.
Title: Note 4 -- Subrecipients
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained 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 County did not elect the 10% de minimus indirect cost rate because they only request direct costs for reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The County did not have any subrecipients for the year ended June 30, 2023.
Title: Note 4 -- Loans and Loan Guarantees:
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained 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 County did not elect the 10% de minimus indirect cost rate because they only request direct costs for reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The County did not have any loans or loan guarantees which are subject to reporting requirements for the current year.
Title: Note 5 -- 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 principles contained 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 County did not elect the 10% de minimus indirect cost rate because they only request direct costs for reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows:
Intergovernmental federal revenues per the basic financial statements:
Primary government:
General Fund $6,945,421
Less: QSCB subsidy (639,160)
Less: Payment in lieu of taxes (35,346)
Total primary government $6,270,915
Component Unit School Board:
School Operating Fund $10,927,731
Total Component Unit School Board $10,927,731
Total expenditures of federal awards per the basic financial statements $17,198,646