Notes to SEFA
Accounting Policies: NOTE 1—BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Fox Valley Workforce Development Board, Inc. 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), and the State Single Audit Guidelines. Because the Schedule presents only a selected portion of the operations of Fox Valley Workforce Development Board, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Fox Valley Workforce Development Board, Inc.
NOTE 2—SUMMARY OF SIGNIFICANT 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.
De Minimis Rate Used: Y
Rate Explanation: Fox Valley Workforce Development Board, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.