Notes to SEFA
Title: Note 3 - Food Donation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Madison, Virginia 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 the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the County of Madison, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County of Madison, Virginia.(1) Expenditures 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.(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Did not elect to use the de minimis cost rate
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
Title: Note 5 - Loan Balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Madison, Virginia 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 the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the County of Madison, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County of Madison, Virginia.(1) Expenditures 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.(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Did not elect to use the de minimis cost rate
The County has no loans or loan guarantees which are subject to reporting requirements for the current year.