Title: NOTE 1-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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (3) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: (2) County of Rockbridge, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Rockbridge, 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the County of Rockbridge, Virginia, it is not intended to and does not present the financial position, changes in net position, or
cash flows of the County of Rockbridge, Virginia.
Title: NOTE 3-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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (3) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: (2) County of Rockbridge, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. At June 30, 2024, the County had food commodities totaling $9,751 in inventory. The value of food commodities expended during the year ended June 30, 2024 amounted to $94,185.
Title: NOTE 4 - 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (3) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: (2) County of Rockbridge, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The County did not have any loans or loan guarantees which are subject to reporting requirements in the current year.
Title: NOTE 5 - 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (3) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: (2) County of Rockbridge, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the 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:
Governmental funds
General fund $ 865,471
School Capital Projects Fund 320,311
Department of the Interior - Payment in Lieu of Taxes (221,597)
Total primary government $ 964,185
Discretely presented component unit - School Board:
School operating fund $ 3,574,900
School cafeteria fund 1,388,388
Total discretely presented component unit - School Board $ 4,963,288
Rockbridge County Regional Jail Commission $ 466,499
Total federal expenditures per the Schedule of Expenditures of Federal awards $ 6,393,972
Title: NOTE 6 - SUBRECIPIENTS
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (3) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: (2) County of Rockbridge, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No awards were passed through to subrecipients.