Notes to SEFA
Title: Note A - Purpose of the Schedule
Accounting Policies: Reporting entity – The reporting entity is fully described in Note 1 to Training and Employment Consortium’s basic financial statements. The Schedule includes all federal programs administered by Training and Employment Consortium for the year ended June 30, 2024.
Basis of presentation – The accompanying Schedule includes the federal award activity of the Training and Employment Consortium 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 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 activities of Training and Employment Consortium, it is not intended to and does not present either the financial position, results of operations, or changes in fund balances of Training and Employment Consortium.
Basis of accounting – Federal awards are reported using the modified accrual basis of accounting. 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.
Indirect cost rate – The Consortium does not use the 10% de minimis indirect cost rate. Instead, the Consortium is provided funds per each specific contract for indirect and administrative costs.
Subrecipients – The Consortium did not pass through any federal funds to subrecipients during the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) is a supplementary schedule to Training and Employment Consortium’s financial statements and is presented for purposes of additional analysis.