Notes to SEFA
Title: Note A - 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Board has elected to use the 10% de minimis indirect cost rate.
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Mount Rogers Community Services 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). Because the Schedule
presents only a selected portion of the operations of Mount Rogers Community Services Board, it is not intended to and does not present the financial position,
changes in net position, or cash flows of Mount Rogers Community Services.
Title: Note C - 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Board has elected to use the 10% de minimis indirect cost rate.
No awards were passed through to subrecipients.
Title: Note D - Outstanding Loan Balances:
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Board has elected to use the 10% de minimis indirect cost rate.
At June 30, 2024, the Board had no outstanding loan balances requiring continuing disclosure.
Title: Note E - Reconciliation of Expenditures of Federal Awards to 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Board has elected to use the 10% de minimis indirect cost rate.
Federal revenue