Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared 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.
De Minimis Rate Used: N
Rate Explanation: Cost reimbursement
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Office of Job Training Programs Jefferson and Franklin Counties, Inc. (the “Organization”) 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Note 3 – Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared 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.
De Minimis Rate Used: N
Rate Explanation: Cost reimbursement
For certain grants, the Organization has elected to use the 10-percent de minimus indirect cost rates allowed under the Uniform Guidance.
For other grants, in accordance with Uniform Guidance, the Organization applies an indirect cost rate in accordance with an approved cost allocation plan.
Title: Note 4 – Insurance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared 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.
De Minimis Rate Used: N
Rate Explanation: Cost reimbursement
The Organization did not have any federal insurance in effect during the year ended June 30, 2023.
Title: Note 5 – Loans/Loan Guarantees
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared 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.
De Minimis Rate Used: N
Rate Explanation: Cost reimbursement
The Organization did not have any loans or loan guarantees outstanding as of June 30, 2023.
Title: Note 6 – Donated Personal Protective Equipment (Unaudited)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared 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.
De Minimis Rate Used: N
Rate Explanation: Cost reimbursement
The Organization did not receive donations of personal protective equipment during the year ended June 30, 2023.