Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Governmental fund types account for Nevadaworks’ federal grant activity. Therefore,
expenditures in the schedule of expenditures of federal awards are recognized on the modified
accrual basis – when they become a demand on current available financial resources.
Nevadaworks’ summary of significant accounting policies is presented in Note 1 in Nevadaworks’
basic financial statements.
De Minimis Rate Used: N
Rate Explanation: They had not elected to use the 10% rate
The accompanying schedule of expenditures of federal awards includes the federal grant activity
of Nevadaworks and is presented on the modified accrual basis of accounting. The information
in this schedule is presented in accordance with the requirements of Uniform Guidance.
Nevadaworks received federal awards indirectly through pass-through entities. Federal financial
assistance provided to a subrecipient is treated as an expenditure when it is paid to the
subrecipient.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Governmental fund types account for Nevadaworks’ federal grant activity. Therefore,
expenditures in the schedule of expenditures of federal awards are recognized on the modified
accrual basis – when they become a demand on current available financial resources.
Nevadaworks’ summary of significant accounting policies is presented in Note 1 in Nevadaworks’
basic financial statements.
De Minimis Rate Used: N
Rate Explanation: They had not elected to use the 10% rate
Governmental fund types account for Nevadaworks’ federal grant activity. Therefore,
expenditures in the schedule of expenditures of federal awards are recognized on the modified
accrual basis – when they become a demand on current available financial resources.
Nevadaworks’ summary of significant accounting policies is presented in Note 1 in Nevadaworks’
basic financial statements.
Title: DE MINIMUS COST RATE
Accounting Policies: Governmental fund types account for Nevadaworks’ federal grant activity. Therefore,
expenditures in the schedule of expenditures of federal awards are recognized on the modified
accrual basis – when they become a demand on current available financial resources.
Nevadaworks’ summary of significant accounting policies is presented in Note 1 in Nevadaworks’
basic financial statements.
De Minimis Rate Used: N
Rate Explanation: They had not elected to use the 10% rate
Nevadaworks has not elected to use the 10% de minimus cost rate.