Notes to SEFA
Title: Note 3 - Food Donation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Prince George, 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 reporting requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of operations of the County of Prince George, Virginia, it is not intended to and does not present the financial position, changes in net position or cash flows of the County of Prince George, Virginia. (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the 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.
De Minimis Rate Used: N
Rate Explanation: The County did not elect to use the 10-percent de minimis indirect cost rate under Uniform Guidance
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
Title: Note 5 - Relationship to Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Prince George, 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 reporting requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of operations of the County of Prince George, Virginia, it is not intended to and does not present the financial position, changes in net position or cash flows of the County of Prince George, Virginia. (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the 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.
De Minimis Rate Used: N
Rate Explanation: The County did not elect to use the 10-percent de minimis indirect cost rate under Uniform Guidance
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows: