Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the activity of all federally assisted programs of the County of New Kent, Virginia and is presented on the modified accrual basis of accounting, as described in Note 1 to the County’s basic financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on this schedule.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
The County has not elected to use the 10% de minimis cost rate.
At June 30, 2025, the County had no outstanding loan balances requiring continuing disclosure.