Notes to SEFA
Title: Note A -- 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 the Uniform Guidance , wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity indentifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Lee, Virginia and its discretely presented component
unit - School Board 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 County, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County.
Title: Note C -- Food Donation
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 the Uniform Guidance , wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity indentifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. At June 30, 2023, the Lee County School Board had
food commodities totaling $0 in inventory.
Title: Note D -- 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 the Uniform Guidance , wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity indentifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
See chart in notes to SEFA