Notes to SEFA
Title: Food Donation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the County ofAlbemarle, Virginia under programs of the federal government for the year ended June 30, 2022. The information in this Schedule ispresented in accordance with the reporting requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of the County of Albemarle, Virginia, it is not intended to and does not present the financialposition, changes in net position or cash flows of the County of Albemarle, Virginia.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the County ofAlbemarle, Virginia under programs of the federal government for the year ended June 30, 2022. The information in this Schedule ispresented in accordance with the reporting requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of the County of Albemarle, Virginia, it is not intended to and does not present the financialposition, changes in net position or cash flows of the County of Albemarle, Virginia.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limitedas to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
Title: Loan Balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the County ofAlbemarle, Virginia under programs of the federal government for the year ended June 30, 2022. The information in this Schedule ispresented in accordance with the reporting requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of the County of Albemarle, Virginia, it is not intended to and does not present the financialposition, changes in net position or cash flows of the County of Albemarle, Virginia.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The County has no loans or loan guarantees which are subject to reporting requirements for the current year.