Title: GENERAL
Accounting Policies: Brazos Valley Council of Government’s (the “Council”) reporting entity is defined in Note 1 of the basic financial statements. The Council, for purposes of the supplementary schedule of expenditures of federal and state awards (SEFSA), includes all the funds of the primary government as defined by Governmental Accounting Standards Board (GASB) pronouncements. It does not include amounts related to Brazos Valley Community Action Programs, a discretely presented component unit, which also receives federal financial assistance but separately satisfies the audit requirements of OMB Uniform Guidance and Texas Grant Management Standards. Federal and state awards received directly from federal and state agencies, as well as federal awards passed through other government agencies, are included on the SEFSA. The Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting. The modified accrual basis of accounting is described in Note 1 of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the de minimis indirect cost rate as allowed in the Uniform Guidance.
Brazos Valley Council of Government’s (the “Council”) reporting entity is defined in Note 1 of the basic financial statements. The Council, for purposes of the supplementary schedule of expenditures of federa and state awards (SEFSA), includes all the funds of the primary government as defined by Governmental Accounting Standards Board (GASB) pronouncements. It does not include amounts related to Brazos Valley Community Action Programs, a discretely presented component unit, which also receives federal financial assistance but separately satisfies the audit requirements of OMB Uniform Guidance and Texas Grant Management Standards. Federal and state awards received directly from federal and state agencies, as well as federal awards passed through other government agencies, are included on the SEFSA.
Title: BASIS OF ACCOUNTING
Accounting Policies: Brazos Valley Council of Government’s (the “Council”) reporting entity is defined in Note 1 of the basic financial statements. The Council, for purposes of the supplementary schedule of expenditures of federal and state awards (SEFSA), includes all the funds of the primary government as defined by Governmental Accounting Standards Board (GASB) pronouncements. It does not include amounts related to Brazos Valley Community Action Programs, a discretely presented component unit, which also receives federal financial assistance but separately satisfies the audit requirements of OMB Uniform Guidance and Texas Grant Management Standards. Federal and state awards received directly from federal and state agencies, as well as federal awards passed through other government agencies, are included on the SEFSA. The Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting. The modified accrual basis of accounting is described in Note 1 of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the de minimis indirect cost rate as allowed in the Uniform Guidance.
The Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting. The modified accrual basis of accounting is described in Note 1 of the basic financial statements.
Title: INDIRECT COSTS
Accounting Policies: Brazos Valley Council of Government’s (the “Council”) reporting entity is defined in Note 1 of the basic financial statements. The Council, for purposes of the supplementary schedule of expenditures of federal and state awards (SEFSA), includes all the funds of the primary government as defined by Governmental Accounting Standards Board (GASB) pronouncements. It does not include amounts related to Brazos Valley Community Action Programs, a discretely presented component unit, which also receives federal financial assistance but separately satisfies the audit requirements of OMB Uniform Guidance and Texas Grant Management Standards. Federal and state awards received directly from federal and state agencies, as well as federal awards passed through other government agencies, are included on the SEFSA. The Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting. The modified accrual basis of accounting is described in Note 1 of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the de minimis indirect cost rate as allowed in the Uniform Guidance.
The Council has elected not to use the de minimis indirect cost rate as allowed in the Uniform Guidance.
Title: NEGATIVE AMOUNTS
Accounting Policies: Brazos Valley Council of Government’s (the “Council”) reporting entity is defined in Note 1 of the basic financial statements. The Council, for purposes of the supplementary schedule of expenditures of federal and state awards (SEFSA), includes all the funds of the primary government as defined by Governmental Accounting Standards Board (GASB) pronouncements. It does not include amounts related to Brazos Valley Community Action Programs, a discretely presented component unit, which also receives federal financial assistance but separately satisfies the audit requirements of OMB Uniform Guidance and Texas Grant Management Standards. Federal and state awards received directly from federal and state agencies, as well as federal awards passed through other government agencies, are included on the SEFSA. The Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting. The modified accrual basis of accounting is described in Note 1 of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the de minimis indirect cost rate as allowed in the Uniform Guidance.
Due to a revision in the allocation of certain costs, the grantor has retroactively allocated certain grant expenditures. As a result of this, the affected grants reflect a negative balance on the current SEFSA.
Title: RECONCILICATION TO BASIC FINANCIAL STATEMENTS
Accounting Policies: Brazos Valley Council of Government’s (the “Council”) reporting entity is defined in Note 1 of the basic financial statements. The Council, for purposes of the supplementary schedule of expenditures of federal and state awards (SEFSA), includes all the funds of the primary government as defined by Governmental Accounting Standards Board (GASB) pronouncements. It does not include amounts related to Brazos Valley Community Action Programs, a discretely presented component unit, which also receives federal financial assistance but separately satisfies the audit requirements of OMB Uniform Guidance and Texas Grant Management Standards. Federal and state awards received directly from federal and state agencies, as well as federal awards passed through other government agencies, are included on the SEFSA. The Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting. The modified accrual basis of accounting is described in Note 1 of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the de minimis indirect cost rate as allowed in the Uniform Guidance.
A reconciliation of the SEFSA to federal and state grant revenues reported in the basic financials statements is as follows: See notes to SEFA for chart/table.