Notes to SEFA
Title: 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 and the State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal, state, and local awards (the "Schedule") includes the federal, state and local grant activity of Employment & Training Association, Inc. for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the Uniform Guidance and the State Single Audit Guidelines. Because the schedule presents only a selected portion of the operations of Employment & Training Association, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Employment & Training Association, Inc.
Title: 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 and the State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Employment & Training Association, Inc. does not have subrecipients or subrecipient expenditures.
Title: Oversight Agency
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 and the State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Federal oversight agency for Employment & Training Association, Inc. is the U.S. Department of Labor.