Notes to SEFA
Title: Note 3 -- Food Distribution
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: (3) The County did not elect the 10% de minimus indirect cost rate because they only request direct costs for reimbursement.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. At June 30, 2024, Giles County, Virginia had food commodities totaling $100,377 in
inventory.
Title: Note 4 -- Loans and Loan Guarantees
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: (3) The County did not elect the 10% de minimus indirect cost rate because they only request direct costs for reimbursement.
The County did not have any loans or loan guarantees which are subject to reporting requirements for the current year.
Title: Note 5 -- Subrecipients
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: (3) The County did not elect the 10% de minimus indirect cost rate because they only request direct costs for reimbursement.
The County did not have any subrecipients for the year ended June 30, 2024.
Title: Note 6 -- Relationship to the Financial Statements
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: (3) The County did not elect the 10% de minimus indirect cost rate because they only request direct costs for reimbursement.
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows: