Notes to SEFA
Accounting Policies: 1. GENERALThe accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Local Workforce Development Area Municipal Alliance for Economic Development, (Local Area) under programs of the federal government for the fiscal year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the Local Area, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Local Area.2. SUMMARIES OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the modified 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.a.Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.b.Pass-through entity identifying numbers are presented where available.c.The Local Area has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.d.Major programs are identified in the Summary of Auditors Results Section of the Schedule of Findings and Questioned Costs.e.During fiscal year 2021-2022, there were no awards passed through to sub-recipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.