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 contained in Uniform Guidance, wherein certain types of expenditures are not allowed 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 the 10% de minimi indirect cost rate because they only request direct costs for reimbursement.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Buchanan, Virginia under programs of the federal government for the year ended June 30, 2024. The information in the Schedule is presented in
accordance with the requirements of the Title 2. U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards . Because the Schedule presents only a selected portion of the operations of the County of Buchanan, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County of Buchanan, 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 Uniform Guidance, wherein certain types of expenditures are not allowed 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 the 10% de minimi indirect cost rate because they only request direct costs for reimbursement.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
Title: Outstanding Balance of Federal Loans
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 Uniform Guidance, wherein certain types of expenditures are not allowed 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 the 10% de minimi indirect cost rate because they only request direct costs for reimbursement.
The County has not received any federal funding through loans.
Title: Subrecipients
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 Uniform Guidance, wherein certain types of expenditures are not allowed 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 the 10% de minimi indirect cost rate because they only request direct costs for reimbursement.
The County did not have any subrecipients for the year ended June 30, 2024.
Title: Relationship to the 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 Uniform Guidance, wherein certain types of expenditures are not allowed 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 the 10% de minimi indirect cost rate because they only request direct costs for reimbursement.
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows: Primary government:
General Fund-Intergovernmental $ 22,811,230
Less: Revenue from the Commonwealth (14,254,125)
Component Unit Public Service Authority:
Federal contributions in aid of construction 2,580,206
Component Unit School Board:
School Operating Fund-Intergovernmental 4 8,734,977
Less: Revenue from Local Governments (7,399,584)
Less: Revenue from the Commonwealth (29,422,800)
Total federal expenditures per the Schedule of Expenditures of Federal Awards $ 23,049,904