Title: Basis of Presentation
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 allowed or are limited as to reimbursement. (2) Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect to use the de minimis indirect cost rate because they only request direct costs for reimbursement.
The accompanying schedule of expenditures of federal awards (the Schedule) includes federal award activity of the County of Franklin, Virginia under programs of the federal government for the year ended June 30, 2024. The information in the 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 Franklin, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County of Franklin, Virginia.
Title: Food Distribution
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 allowed or are limited as to reimbursement. (2) Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect to use the de minimis indirect cost rate because they only request direct costs for reimbursement.
Nonmonetary assistance is reported rin the schedule at the fair market value of the commodities received and disbursed.
Title: Outstanding Balance of Federal Loans
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 allowed or are limited as to reimbursement. (2) Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect to use the de minimis indirect cost rate because they only request direct costs for reimbursement.
The County has not received any federal funding through loans.
Title: Relationship to Financial Statements
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 allowed or are limited as to reimbursement. (2) Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The County did not elect to use the de minimis 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 statement as follows: Primary Government: General Fund - Intergovernmental $25,581,292 Less: Revenue from the Commonwealth (19,502,343) Less: Payments in Lieu of Taxes (23,659) Capital Projects Fund - Intergovernmental 6,798,774 Less: Revenue from the Commonwealth (4,880,983) E-911 Fund - Intergovernmental 343,635 Less: Revenue from the Commonwealth (343,635) Component Unit School Board: School Operating Fund - Intergovernmental 112,557,683 Less: Revenue from local governments (38,648,448) Less: Revenue from the Commonwealth (53,628,392) Total federal expenditures per the Schedule of Expenditures of Federal Awards $28,253,924