Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented on the modified accrual basis of accounting consistent with the basis of accounting used by County of Powhatan, Virginia. The schedule includes all known federal funds expended by the County 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 Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presnted in,
or used in the presentation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The County did not elect to use the 10% de minimus indirect cost rate.
(a) Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (b) Pass-through entity identifying numbers are presented where available.
Title: Relationship to Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented on the modified accrual basis of accounting consistent with the basis of accounting used by County of Powhatan, Virginia. The schedule includes all known federal funds expended by the County 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 Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presnted in,
or used in the presentation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The County did not elect to use the 10% de minimus indirect cost rate.
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows: Intergovernmental federal revenues per the basic financial statements:
Primary government:
General Fund $ 1,186,677
Special Revenue Funds:
Grants fund 809,959
County Project Fund 750,000
Total primary government $ 2,746,636
Component Unit Public Schools:
School Operating Fund $ 2,021,340
School Cafeteria Fund 934,120
School Grants Fund 1,494,485
Total component unit public schools $ 4,449,945
Total federal expenditures per basic financial
statements $ 7,196,581
Total federal expenditures per the Schedule of Expenditures
of Federal Awards $ 5,958,641
Title: Outstanding Loan Balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented on the modified accrual basis of accounting consistent with the basis of accounting used by County of Powhatan, Virginia. The schedule includes all known federal funds expended by the County 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 Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presnted in,
or used in the presentation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The County did not elect to use the 10% de minimus indirect cost rate.
At June 30, 2024, the County had no outstanding loan balances requiring disclosure.