Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and TxGMS, wherein certain types of expenditures are not allowable or are limited as to reimbursements. Negative amounts shown on the Schedule, if any, 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 Corporation has an indirect cost allocation plan. The Corporation did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state award activity of the Deep East Texas Local Workforce Development Board, Inc. (Corporation) under programs of the federal and state governments for the year ended September 30, 2023. The information in the 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) and the Texas Grant Management Standards (TxGMS) issued by the Texas Comptroller of Public Accounts.
Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position or changes in net assets, or cash flows, of the Corporation. Therefore, some amounts may differ from amounts presented in, or used in the preparation of the financial statements. The Corporation’s reporting entity is defined in the notes to the financial statements. Federal and state awards received directly from federal and state agencies, as well as federal and state awards passed through other governmental agencies, are included on the Schedule.
Title: State Awards Guidelines
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and TxGMS, wherein certain types of expenditures are not allowable or are limited as to reimbursements. Negative amounts shown on the Schedule, if any, 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 Corporation has an indirect cost allocation plan. The Corporation did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
State awards are subject to TxGMS requirements. Such guidelines are consistent with those required under the Uniform Guidance and Government Auditing Standards, issued by the Comptroller General of the United States.
Title: Relationship to Financial Reports
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and TxGMS, wherein certain types of expenditures are not allowable or are limited as to reimbursements. Negative amounts shown on the Schedule, if any, 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 Corporation has an indirect cost allocation plan. The Corporation did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts reported in the Schedule may not agree with the amount reported in the related financial reports filed with grantor agencies because of program year ends and accruals made in the Schedule that will be reflected in future reports filed with the agencies.
Title: Reconciliation to Financial Statements
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and TxGMS, wherein certain types of expenditures are not allowable or are limited as to reimbursements. Negative amounts shown on the Schedule, if any, 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 Corporation has an indirect cost allocation plan. The Corporation did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
See the Notes to the SEFSA for chart/table