Notes to SEFA
Title: (1) Basis of presentation
Accounting Policies: Expenditures are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America as further described in the notes to
financial statements.
De Minimis Rate Used: N
Rate Explanation: Coastal Bend Workforce Development Board elected not to use the 10 percent de minimus indirect cost rate.
The schedule of expenditures of federal and state awards presents expenditures for all federal and state assistance awards that were in effect for the year ended September 30, 2024 for Coastal Bend Workforce Development Board. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance and State of Texas Single Audit Circular.
Title: (2) Summary of significant accounting policies
Accounting Policies: Expenditures are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America as further described in the notes to
financial statements.
De Minimis Rate Used: N
Rate Explanation: Coastal Bend Workforce Development Board elected not to use the 10 percent de minimus indirect cost rate.
Expenditures are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America as further described in the notes to financial statements. Coastal Bend Workforce Development Board elected not to use the 10 percent de minimus indirect cost rate.
Title: (3) Relationship to financial statements
Accounting Policies: Expenditures are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America as further described in the notes to
financial statements.
De Minimis Rate Used: N
Rate Explanation: Coastal Bend Workforce Development Board elected not to use the 10 percent de minimus indirect cost rate.
Total expenses per statement of activities and change in net assets $45,519,209 less total expenses per schedule of federal awards $41,921,507 for a total of $3,597,702. Non-federal and state expenses - state $2,924,928 and non-federal $672,774 for a total of $3,597,702.