Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: Expenditures are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America as further described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: Coastal Bend Workforce Development Board elected not to use the 10 percent de minimus indirect cost rate.
The schedules of expenditures of federal and state awards presents expenditures for all federal and state assistance awards that were in effect for the year ended September 30, 2023 for Coastal Bend Workforce Development Board. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance and State of Texas Single Audit Circular.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America as further described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: Coastal Bend Workforce Development Board elected not to use the 10 percent de minimus indirect cost rate.
Expenditures are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America as further described in the notes to the financial statements. Coastal Bend Workforce Development Board elected not to use the 10 percent de minimus indirect cost rate.
Title: 3. Relationship to Financial Statements
Accounting Policies: Expenditures are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America as further described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: Coastal Bend Workforce Development Board elected not to use the 10 percent de minimus indirect cost rate.
Total expenses per statement of activities and change in net assets were $41,273,316 minus per schedule of federal awards of $38,860,969 for a total of $2,412,347. Non federal and state expenses - State $1,726,146 plus non-federal $686,201 for total of $2,412,347.