Notes to SEFA
Title: NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of
Madera County Workforce Investment Corporation (the Corporation) 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
Corporation, it is not intended to, and does not present, the financial position, changes in net position, or cash flows of
Madera County Workforce Investment Corporation.
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.
Federal awards received directly from federal agencies as well as federal awards passed through other government
agencies are included in the schedule.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of
Madera County Workforce Investment Corporation (the Corporation) 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
Corporation, it is not intended to, and does not present, the financial position, changes in net position, or cash flows of
Madera County Workforce Investment Corporation.
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.
Federal awards received directly from federal agencies as well as federal awards passed through other government
agencies are included in the schedule.
Pass-through Grantor’s Identifying Number
When federal awards are received from a pass-through grantor, the Schedule of Expenditures of Federal Awards shows, if
available, the identifying number assigned by the pass-through grantor. When no identifying number is shown, the
Corporation determined that no identifying number is assigned for the program, or the Corporation was unable to obtain
an identifying number from the pass-through grantor.
Relationship to Financial Reports
Information included in the accompanying Schedule is in substantial agreement with the information reported in the
related financial reports for major programs.
Subrecipients
The Corporation does not pass through funds to subrecipients.
Title: NOTE 2 – INDIRECT COSTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of
Madera County Workforce Investment Corporation (the Corporation) 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
Corporation, it is not intended to, and does not present, the financial position, changes in net position, or cash flows of
Madera County Workforce Investment Corporation.
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.
Federal awards received directly from federal agencies as well as federal awards passed through other government
agencies are included in the schedule.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Corporation has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.