Notes to SEFA
Title: Note 1 – Purpose of Schedule
Accounting Policies: This schedule is prepared on the same basis of accounting as the Board’s financial statements. The Board uses the accrual basis of accounting for financial reporting purposes.
De Minimis Rate Used: Y
Rate Explanation: The Board elected to use the 10% de-minimus cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) is a supplementary schedule to Southwestern Oregon Workforce Investments Board’s (the Board’s) financial statements and is presented for purposes of additional analysis. Because the Schedule presents only a selected portion of the activities of the Board, it does not present the financial position, changes in financial position, or the revenues and expenditures of the Board.
Title: Note 2 – Reporting Entity
Accounting Policies: This schedule is prepared on the same basis of accounting as the Board’s financial statements. The Board uses the accrual basis of accounting for financial reporting purposes.
De Minimis Rate Used: Y
Rate Explanation: The Board elected to use the 10% de-minimus cost rate.
The reporting entity is described in Note A to the Board’s financial statements. The Schedule includes all federal programs administered by the Board for the fiscal year ended June 30, 2023.
Title: Note 3 – Basis of Accounting
Accounting Policies: This schedule is prepared on the same basis of accounting as the Board’s financial statements. The Board uses the accrual basis of accounting for financial reporting purposes.
De Minimis Rate Used: Y
Rate Explanation: The Board elected to use the 10% de-minimus cost rate.
This schedule is prepared on the same basis of accounting as the Board’s financial statements. The Board uses the accrual basis of accounting for financial reporting purposes.
Title: Note 4 – De-Minimis Cost Rate
Accounting Policies: This schedule is prepared on the same basis of accounting as the Board’s financial statements. The Board uses the accrual basis of accounting for financial reporting purposes.
De Minimis Rate Used: Y
Rate Explanation: The Board elected to use the 10% de-minimus cost rate.
The Board elected to use the 10% de-minimus cost rate.
Title: Note 5 – Basis of Presentation
Accounting Policies: This schedule is prepared on the same basis of accounting as the Board’s financial statements. The Board uses the accrual basis of accounting for financial reporting purposes.
De Minimis Rate Used: Y
Rate Explanation: The Board elected to use the 10% de-minimus cost rate.
The information in the Schedule is presented in accordance with Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards 2 CFR 200 (Uniform Guidance).