Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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.
Pass-through entity identifying numbers are presented where available.
For cost-reimbursement awards, revenues are recognized to the extent of expenditures.
Expenditures have been recognized to the extent the related obligation was incurred within
the applicable grant period and liquidated within 90 days after the end of the grant period.
De Minimis Rate Used: Y
Rate Explanation: The Board does not have a federally approved negotiated indirect cost rate agreement and
therefore, is subject to the 10-percent de minimis indirect cost rate under the Uniform
Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal grant activity of Metro South/West Workforce Board, Inc. (the Board) under
programs of the federal government for the year ended June 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). Because the Schedule
presents only a selected portion of the operations of the Board, it is not intended to and does
not present the financial position, activities, functional expenses, or cash flows for the
Board.
Title: Summary of Significant Accounting Policies
Accounting Policies: 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.
Pass-through entity identifying numbers are presented where available.
For cost-reimbursement awards, revenues are recognized to the extent of expenditures.
Expenditures have been recognized to the extent the related obligation was incurred within
the applicable grant period and liquidated within 90 days after the end of the grant period.
De Minimis Rate Used: Y
Rate Explanation: The Board does not have a federally approved negotiated indirect cost rate agreement and
therefore, is subject to the 10-percent de minimis indirect cost rate under the Uniform
Guidance.
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.
Pass-through entity identifying numbers are presented where available.
For cost-reimbursement awards, revenues are recognized to the extent of expenditures.
Expenditures have been recognized to the extent the related obligation was incurred within
the applicable grant period and liquidated within 90 days after the end of the grant period.
Title: Indirect Cost Rate
Accounting Policies: 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.
Pass-through entity identifying numbers are presented where available.
For cost-reimbursement awards, revenues are recognized to the extent of expenditures.
Expenditures have been recognized to the extent the related obligation was incurred within
the applicable grant period and liquidated within 90 days after the end of the grant period.
De Minimis Rate Used: Y
Rate Explanation: The Board does not have a federally approved negotiated indirect cost rate agreement and
therefore, is subject to the 10-percent de minimis indirect cost rate under the Uniform
Guidance.
The Board does not have a federally approved negotiated indirect cost rate agreement and
therefore, is subject to the 10-percent de minimis indirect cost rate under the Uniform
Guidance.