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 Southwest Virginia Workforce Development Board 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 the Southwest Virginia Workforce Development Board under programs of the federal government for the year ended June 30, 2021. 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 Southwest Virginia Workforce Development Board, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Southwest Virginia Workforce Development Board.
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 Southwest Virginia Workforce Development Board 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 Southwest Virginia Workforce Development Board did not have any subrecipients for the year ended June 30, 2021.
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 Southwest Virginia Workforce Development Board 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 Southwest Virginia Workforce Development Board's financial statements as follows: