Title: GENERAL
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (SEFSA) includes the federal and state grant activity of the Tarrant County Workforce Development Board dba Workforce Solutions for Tarrant County (the “Board”) under programs of the federal government and the State of Texas for the year ended September 30, 2024. The information in the SEFSA is presented 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 (the Uniform Guidance), and Texas Grant Management Standards (TXGMS). Because the SEFSA presents only a portion of the operations of the Board, it is not intended to, and does not present the financial position, changes in financial position, or cash flows of the Board. The SEFSA is presented using the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and TXGMS, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown in the SEFSA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the de minimis indirect cost rate as allowed in the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards (SEFSA) includes the federal and state grant activity of the Tarrant County Workforce Development Board dba Workforce Solutions for Tarrant County (the “Board”) under programs of the federal government and the State of Texas for the year ended September 30, 2024. The information in the SEFSA is presented 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 (the Uniform Guidance), and Texas Grant Management Standards (TXGMS). Because the SEFSA presents only a portion of the operations of the Board, it is not intended to, and does not present the financial position, changes in financial position, or cash flows of the Board.
Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (SEFSA) includes the federal and state grant activity of the Tarrant County Workforce Development Board dba Workforce Solutions for Tarrant County (the “Board”) under programs of the federal government and the State of Texas for the year ended September 30, 2024. The information in the SEFSA is presented 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 (the Uniform Guidance), and Texas Grant Management Standards (TXGMS). Because the SEFSA presents only a portion of the operations of the Board, it is not intended to, and does not present the financial position, changes in financial position, or cash flows of the Board. The SEFSA is presented using the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and TXGMS, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown in the SEFSA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the de minimis indirect cost rate as allowed in the Uniform Guidance.
The SEFSA is presented using the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and TXGMS, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown in the SEFSA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: INDIRECT COSTS
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (SEFSA) includes the federal and state grant activity of the Tarrant County Workforce Development Board dba Workforce Solutions for Tarrant County (the “Board”) under programs of the federal government and the State of Texas for the year ended September 30, 2024. The information in the SEFSA is presented 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 (the Uniform Guidance), and Texas Grant Management Standards (TXGMS). Because the SEFSA presents only a portion of the operations of the Board, it is not intended to, and does not present the financial position, changes in financial position, or cash flows of the Board. The SEFSA is presented using the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and TXGMS, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown in the SEFSA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the de minimis indirect cost rate as allowed in the Uniform Guidance.
The Board has elected not to use the de minimis indirect cost rate as allowed in the Uniform Guidance.
Title: RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (SEFSA) includes the federal and state grant activity of the Tarrant County Workforce Development Board dba Workforce Solutions for Tarrant County (the “Board”) under programs of the federal government and the State of Texas for the year ended September 30, 2024. The information in the SEFSA is presented 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 (the Uniform Guidance), and Texas Grant Management Standards (TXGMS). Because the SEFSA presents only a portion of the operations of the Board, it is not intended to, and does not present the financial position, changes in financial position, or cash flows of the Board. The SEFSA is presented using the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and TXGMS, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown in the SEFSA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the de minimis indirect cost rate as allowed in the Uniform Guidance.
Amounts reported in the SEFSA may not agree with the amounts reported in the related federal or state financial reports filed with the grantor agencies because of accruals made in the SEFSA which will be included in future reports filed with those agencies.
Title: CONTINGENT LIABILITIES
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (SEFSA) includes the federal and state grant activity of the Tarrant County Workforce Development Board dba Workforce Solutions for Tarrant County (the “Board”) under programs of the federal government and the State of Texas for the year ended September 30, 2024. The information in the SEFSA is presented 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 (the Uniform Guidance), and Texas Grant Management Standards (TXGMS). Because the SEFSA presents only a portion of the operations of the Board, it is not intended to, and does not present the financial position, changes in financial position, or cash flows of the Board. The SEFSA is presented using the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and TXGMS, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown in the SEFSA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the de minimis indirect cost rate as allowed in the Uniform Guidance.
The Board participates in a number of 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. For a portion of the expenditures in the federal programs, the Board contracts with other entities to perform specific services set forth in the grant agreement. The Board disburses grant funds to the entities based on invoices and reports received from each
contractor. These agencies are required to submit an annual independent audit report to the Board. The Board also performs financial monitoring of the contractors. If such audits or monitoring activities disclose expenditures not in accordance with the terms of the local contract agreement, the Board’s grantor agency could disallow the costs and require reimbursement from the Board’s nonfederal funds. The Board generally has the right of recovery from the contractors. Based on prior experience, management believes that the Board will not incur significant losses from possible grant disallowance.