Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles required by the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the South Central Workforce Development Board (the Organization) under programs of the federal government for the year ended June 30, 2024, and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in, the preparation of, the basic financial statements.
Title: RECONCILIATION OF STATEMENT OF ACTIVITIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles required by the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures per Schedule of Federal Awards Expenditures per Statement of Activities Program expenses Administration expenses Foundation federal grant expenses Less: nonfederal KY AE Less: depreciation expense Less: accruals with no reimbursement request Total per Statement of Activities 2,685,404 2,580,990 282,053 104,135 ( ( ( 243,852) 4,315) 33.607) 2,685,404
Title: CARES FUNDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles required by the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization received CARES related funding for the year ending June 30, 2024, under the following program: CFDA 17.277 WIOA-National Dislocated Worker Grants/ WIA National Emergency Grants CFDA 20.027 Coronavirus - State and Local Fiscal Recovery Funds - COVID-19 1,222,218 36,000 1,258,218