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, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts
shown in the schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. Texoma Workforce Development Board has elected
not to use the ten (10) percent de minimis rate for indirect costs.
De Minimis Rate Used: N
Rate Explanation: The Organization elected to not use the de-minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal and state grant
activity of the Texoma Workforce Development Board under programs of the federal and state
government for the year ending September 30, 2024. The information in this schedule is 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 portion of the operations of the Texoma Workforce Development
Board, it is not intended to and does not present the net position or changes in fund balances of the
Texoma Workforce Development Board.
Title: Relationship to Federal Financial Reports
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. Negative amounts
shown in the schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. Texoma Workforce Development Board has elected
not to use the ten (10) percent de minimis rate for indirect costs.
De Minimis Rate Used: N
Rate Explanation: The Organization elected to not use the de-minimis cost rate.
Amounts reported in the accompanying schedule may not agree with the amounts reported in the related
federal financial reports filed with the grantor agencies because of accruals made in the schedule which
will be included in future reports filed with those agencies.
Title: Contingent Liabliities
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. Negative amounts
shown in the schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. Texoma Workforce Development Board has elected
not to use the ten (10) percent de minimis rate for indirect costs.
De Minimis Rate Used: N
Rate Explanation: The Organization elected to not use the de-minimis cost rate.
The Board participates in several state and federally-assisted programs. These programs are subject to
financial and compliance audits by the grantors or their representatives. The purpose of these audits is
to ensure compliance with conditions relating to the granting of funds and other reimbursement
regulations. These programs have compliance requirements and should federal or state auditors discover
areas of material noncompliance, those funds may be subject to refund if so, determined by administrative
audit review.