Title: Note 1: General
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting described in Note 1 of the financial statement. 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 Local Workforce Investment Area III, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Local Workforce Investment Area III, Inc.
De Minimis Rate Used: Both
Rate Explanation: The Organization did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance except for the YouthBuild grant.
The accompanying schedule of expenditures of federal awards presents all activities of federal programs of the Local Workforce Investment Area III, Inc. for the fiscal year ended June 30, 2024.
Title: Note 2: Note 2: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting described in Note 1 of the financial statement. 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 Local Workforce Investment Area III, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Local Workforce Investment Area III, Inc.
De Minimis Rate Used: Both
Rate Explanation: The Organization did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance except for the YouthBuild grant.
The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting described in Note 1 of the financial statement. 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 Local Workforce Investment Area III, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Local Workforce Investment Area III, Inc.
Title: Note 3: Cluster Program
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting described in Note 1 of the financial statement. 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 Local Workforce Investment Area III, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Local Workforce Investment Area III, Inc.
De Minimis Rate Used: Both
Rate Explanation: The Organization did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance except for the YouthBuild grant.
A cluster of programs means Federal programs with different Catalog of Federal Domestic Assistance (CFDA) numbers which are closely related programs that share common compliance requirements. The Workforce Innovation and Opportunity Act (WIOA) program is considered a cluster.
Title: Note 4: Indirect Costs
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting described in Note 1 of the financial statement. 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 Local Workforce Investment Area III, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Local Workforce Investment Area III, Inc.
De Minimis Rate Used: Both
Rate Explanation: The Organization did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance except for the YouthBuild grant.
The Organization did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance except for the YouthBuild grant.