Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards is presented on the modified accrual basis of accounting consistent with the basis of accounting used by County of Powhatan, Virginia. The schedule includes all known federal funds expended by the County for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the presentation of the basic financial statements.
a) Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. b) (b) Pass-through entity identifying numbers are presented where available.
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows: Intergovernmental federal revenues per the basic financial statements: Primary government General fund $ 1,244,277 Special revenue funds Grants fund 3,035,126 Total primary government 4,279,403 Component unit public schools School operating fund 2,213,799 School cafeteria fund 788,916 School grants fund 41,178 Total component unit public schools 3,043,893 Total federal expenditures per basic financial statements $ 7,323,296 Total federal expenditures per the Schedule of Expenditures of Federal Awards $ 7,323,296
The County did not elect to use the 10% de minimus indirect cost rate.
At June 30, 2025, the County had no outstanding loan balances requiring disclosure.