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 reimbursement.
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 Giles, 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 Giles, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of County of Giles, Virginia.
Title: Note 3 -- Food Distribution
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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. At June 30, 2023, Giles County, Virginia had food commodities totaling $120,988 in inventory.
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 reimbursement.
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 -- 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 reimbursement.
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 6 -- 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 reimbursement.
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 $4,740,274
Less: Payments in lieu of taxes (211,653)
Total primary government $4,528,621
Component Units:
School Board $3,817,637
Total Federal Expenditures per Basic Financial Statements $8,346,258
Federal expenditures per the Schedule of Expenditures of Federal Awards $8,346,258