Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The negotiated indirect cost rate of 10.91% was used.
The schedule of expenditures of federal awards includes the federal grant activity of Southwest Florida Workforce Development Board, Inc. d/b/a/ CareerSource Southwest Florida (the “Board”) and is presented on the accrual basis of accounting, the same basis of accounting used for grant reporting.
The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the financial statements.
Title: NOTE B – INDIRECT COST RATE
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The negotiated indirect cost rate of 10.91% was used.
The Board did not elect to use the 10 percent de minimis indirect cost rate.