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 the 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.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of County of Brunswick, 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 Brunswick, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of County of Brunswick, Virginia.
Title: Note 3 - Food Donation
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 the 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.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
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 the 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.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate.
No awards were passed through to subrecipients.
Title: Note 5 - Indirect Costs
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 the 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.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate.
The County has elected not to use the 10% de minimis indirect cost rate.
Title: Note 6 - Loan balances
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 the 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.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect cost rate.
The County has no loans or loan guarantees which hare subject o reporting requirements for the current year.
Title: Note 7 - Relationship to 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 the 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.
De Minimis Rate Used: N
Rate Explanation: The County has elected not to use the 10% de minimis indirect 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 $ 544,938
Special Revenue Funds:
Virginia Public Assistance Fund 1,350,314
CSA Fund 108,914
Debt Service Funds:
Debt Service Fund 61,319
Capital Projects Funds:
County Capital Improvements Fund 206,310
Total primary government $ 2,271,795
Component Unit School Board:
School Operating Fund $ 3,799,069
School Cafeteria Fund 1,282,413
Total component unit School Board $ 5,081,482
Total federal expenditures per basic financial
statements $ 7,353,277
Reconciling Items:
Federal interest subsidy $ (61,319)
Total federal expenditures per the Schedule of Expenditures of Federal Awards $ 7,291,958