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.
De Minimis Rate Used: N
Rate Explanation: JTEC has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance. Instead, JTEC has used a negotiated indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Job Training and Employment Corporation (JTEC), under programs of the Federal government for the year ended June 30, 2024. 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 JTEC, it is not intended to and does not present the financial position, changes in net assets or cash flows of JTEC.
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.
De Minimis Rate Used: N
Rate Explanation: JTEC has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance. Instead, JTEC has used a negotiated indirect cost rate.
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. JTEC has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance. Instead, JTEC has used a negotiated indirect cost rate.
Title: Subrecipients
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.
De Minimis Rate Used: N
Rate Explanation: JTEC has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance. Instead, JTEC has used a negotiated indirect cost rate.
There were no pass-through federal awards made to subrecipients by JTEC during 2024.