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 required by the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited to reimbursement. Pass-through entity identifying numbers are presented where
available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity
of the South Central Workforce Development Board (the "Organization") under programs of the federal
government for the year ended June 30, 2023 and is presented on the accrual basis of accounting. The information
in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations
("CFR") Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal
Awards ("Uniform Guidance"). Therefore, some amounts presented in this Schedule may differ from amounts
presented in, or used in the preparation of, the basic financial statements.
Title: Reconciliation to Statement of Activities
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles required by the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited to reimbursement. Pass-through entity identifying numbers are presented where
available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Expenditures per Schedule of Federal Awards $ 3,343,781; Expenditures per Statement of Activities: Program expenses $3,073,062; Administration expenses $279,795; Less: depreciation expense $(4,315); Total per Statement of Activities $3,348,542; Less: restricted net position $(4,761); Total $ 3,343,781
Title: CARES Funding
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles required by the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited to reimbursement. Pass-through entity identifying numbers are presented where
available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The Organization received CARES related funding for the year ending June 30, 2023 under the following program: CFDA 17.277 WIOA - National Dislocated Worker Grants/WIA Natioanl Emergency Grants $ 106,168; CFDA 20.027 Coronavirus - State and Local Fiscal Recovery Funds - COVID-19 $40,500; Total $ 146,668