Notes to SEFA
Title: Note 3 - Food Distribution
Accounting Policies: Note 1 - Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Louisa, Virginia 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 the County of Louisa, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County of Louisa, Virginia. Note 2 - Summary of Significant Accounting Policies - (1) Expenditures 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 elect to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: (3) The County did not elect to use the 10% de minimis indirect cost rate.
Note 3 - Food Distribution - Nonmonetary assistance is reported in the schedule at fair market value of the commodities received and disbursed.
Title: Note 4 - Relationship to Financial Statements
Accounting Policies: Note 1 - Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Louisa, Virginia 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 the County of Louisa, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County of Louisa, Virginia. Note 2 - Summary of Significant Accounting Policies - (1) Expenditures 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 elect to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: (3) The County did not elect to use the 10% de minimis indirect cost rate.
Note 4 - Relationship to Financial Statements - Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows: