Notes to SEFA
Title: OTHER INFORMATION
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of United Workforce Development Board, Inc. 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 United Workforce Development Board, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of United Workforce Development Board, Inc.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
De Minimis Rate Used: N
Rate Explanation: United Workforce Development Board, Inc. has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
United Workforce Development Board, Inc. did not receive any federal insurance or noncash assistance and had no outstanding loans or loan guarantees with continuing compliance requirements.