Notes to SEFA
Title: Note 1 -- Basis of Presentation
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
(3) The County did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee does not use the de minimis cots rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of County of Russell, Virginia 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 County of Russell, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of County of Russell, Virginia.
Title: Note 3 -- Food Distribution
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
(3) The County did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee does not use the de minimis cots rate.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. At June 30, 2023, Russell County, Virginia had food commodities totaling $227,602 in inventory.
Title: Note 4 -- Subrecipients
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
(3) The County did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee does not use the de minimis cots rate.
The County did not have any subrecipients for the year ended June 30, 2023.
Title: Note 5 -- Relationship to the Financial Statements
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
(3) The County did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee does not use the de minimis cots rate.
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows:
Intergovernmental federal revenues per the basic financial statements:
Primary government:
General Fund $3,465,402
Less: Asset forfeiture funds (36)
Plus: Equitable sharing program difference 38,920
CARES Fund 17,698
ARPA Fund 709,700
Total primary government $4,231,684
Component Unit School Board:
School Operating Fund $14,707,822