Notes to SEFA
Title: Food Distribution - SEFA Note 3
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 have any loans or loan guarantees which are subject to reporting requirements for the current year.
De Minimis Rate Used: N
Rate Explanation: The County did not elect an 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.
Title: Basis of Presentation - SEFA Note 1
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 have any loans or loan guarantees which are subject to reporting requirements for the current year.
De Minimis Rate Used: N
Rate Explanation: The County did not elect an 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 Floyd, Virginia and its discretely presented component units under programs of the federal government for the year ended June 30, 2022. 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 County, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County.
Title: Relationship to the Financial Statements -SEFA Note 4
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 have any loans or loan guarantees which are subject to reporting requirements for the current year.
De Minimis Rate Used: N
Rate Explanation: The County did not elect an indirect cost rate because they only request direct costs for reimbursement.
Federal expenditures, revenues, and capital contributions are reported in the County's basic financial statements as follows: See the Notes to the SEFA for chart/table