Title: Food Donation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity ofthe County of Prince Edward, Virginia under programs of the federal government for the year ended June 30, 2022.The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the County ofPrince Edward, Virginia, it is not intended to and does not present the financial position, changes in net position, orcash flows of the County of Prince Edward, Virginia. 1)Expenditures 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 allowable or are limited as to reimbursement.(2)Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Nonmonetary assistance is reported in the Schedule at fair market value of the commodities received and disbursed.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity ofthe County of Prince Edward, Virginia under programs of the federal government for the year ended June 30, 2022.The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the County ofPrince Edward, Virginia, it is not intended to and does not present the financial position, changes in net position, orcash flows of the County of Prince Edward, Virginia. 1)Expenditures 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 allowable or are limited as to reimbursement.(2)Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No awards were passed through to subrecipients.
Title: Loan Balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity ofthe County of Prince Edward, Virginia under programs of the federal government for the year ended June 30, 2022.The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the County ofPrince Edward, Virginia, it is not intended to and does not present the financial position, changes in net position, orcash flows of the County of Prince Edward, Virginia. 1)Expenditures 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 allowable or are limited as to reimbursement.(2)Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The County has no loan guarantees which are subject to reporting requirements for the current year.
Title: Relationship to Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity ofthe County of Prince Edward, Virginia under programs of the federal government for the year ended June 30, 2022.The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the County ofPrince Edward, Virginia, it is not intended to and does not present the financial position, changes in net position, orcash flows of the County of Prince Edward, Virginia. 1)Expenditures 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 allowable or are limited as to reimbursement.(2)Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements asfollows:Intergovernmental federal revenues per the basic financial statements:Primary government:General Fund $ 3,063,593Less: Amounts not recorded on Schedule of Expenditures of Federal AwardsPayment in Lieu of Taxes (112,411)Total primary government $ 2 ,951,182Component Unit School Board:School Operating Fund $ 1,799,823School Cafeteria Fund 1,591,061School CARES Fund 2,305,635Total Component Unit School Board $ 5 ,696,519Total federal expenditures per basic financial statements $ 8 ,647,701Total federal expenditures per the Schedule of Expenditures of Federal Awards $ 8,647,701