Notes to SEFA
The accompanying schedule of expenditures of federal awards presents all activities of federal programs of the Local Workforce Investment Area III, Inc. for the fiscal year ended June 30, 2025. 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 Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Local Workforce Investment Area III, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Local Workforce Investment Area III, Inc.
The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting described in Note 1 of the financial statement. 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. Negative amounts shown on the Schedule represent adjustment or credits made in the normal course of business to amounts reported as expenditures in prior years.
A cluster of programs means Federal programs with different Catalog of Federal Domestic Assistance (CFDA) numbers which are closely related programs that share common compliance requirements. The Workforce Innovation and Opportunity Act (WIOA) program is considered a cluster.
The Organization did not elect to use the 10-percent de minimis indirect cost rate (or 15-pecent for federal awards issued on or after October 1, 2024) as allowed under the Uniform Guidance except for the YouthBuild grant, which used 10%.