Title: Basis of Presemtation
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. 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 allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Northampton, 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 requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the County of Northampton, Virginia, it is not intended to be and does not present the financial position, changes in net position, or cash flows of the County of Northampton, Virginia.
Title: Food Donation
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. 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 allowed under Uniform Guidance.
The value of federal awards expended in the form of noncash assistance of food commodities is reported in the schedule.
Title: Relationship to Financial Statements
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. 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 allowed under Uniform Guidance.
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows: Intergovernmental federal revenues per the basic financial statements: Primary government: General Fund - $335,550; Capital Projects Fund - $1,610,461; American Rescue Fund - $437,313; Special Revenue Funds: Virginia Public Assistance Fund - $1,611,135; Brownfield Community Assessment Fund - $839,957; Total Primary Government - $4,834,416 Component Unit School Board: School Cafeteria Fund - $1,097,827; School Grants Fund - $2,652,858; Total Component Unit School Board - $3,750,685 Fiduciary Funds: 911 Capital Fund - $27,660 Total federal expenditures per basic financial statements - $8,612,761 Federal Payment in Leiu of Taxes not included in the SEFA - $(26,113) Total federal expenditures per the Schedule of Expenditures of Federal Awards - $8,586,648
Title: Loan Balances
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. 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 allowed under Uniform Guidance.
The County has no loans or loan guarantees which are subject to reporting requirements for the current year.