Title: Basis of Presentation
Accounting Policies: 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Southern 14 Workforce Investment Board, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("the Schedule") includes the federal award activity of the Southern 14 Workforce Investment Board, Inc. 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 Southern 14 Workforce Investment Board, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Southern 14 Workforce Investment Board, Inc.
Title: Summary of Significant Accounting Policies
Accounting Policies: 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Southern 14 Workforce Investment Board, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Indirect Cost Rate
Accounting Policies: 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Southern 14 Workforce Investment Board, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Southern 14 Workforce Investment Board, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Noncash Awards
Accounting Policies: 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Southern 14 Workforce Investment Board, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Board did not receive any noncash awards for the year ended June 30, 2023.
Title: Schedule of Insurance in Effect
Accounting Policies: 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Southern 14 Workforce Investment Board, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Property $34,000, Employee Dishonesty $250,000 Bond, Comprehensive Commercial General Liability $2,000,000 Aggregate, $50,000 Fire/Each Occurrence, $5,000 Per Person Medical Payments, Bodily Injury by Accident $100,000 Each Accident, Bodily Injury by Disease $500,000 Policy Limit, Bodily Injury by Disease $100,000 Each Employee, Directors and Officers Liability $3,000,000 Aggregate Limit
Title: Long-Term Debt
Accounting Policies: 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Southern 14 Workforce Investment Board, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
There was no debt outstanding as of June 30, 2023.
Title: Subrecipients
Accounting Policies: 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Southern 14 Workforce Investment Board, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Southern 14 Workforce Investment Board, Inc. provided the following entities with federal pass-through grant funding: wadi $909,854 SDC $705,466