Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Metro South/West Workforce Board, Inc. (the Board) under programs of the federal government for the year ended June 30, 2025. The information in the 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 the Board, it is not intended to and does not present the financial position, activities, functional expenses, or cash flows for the Board.
Expenditures reported on the Schedule are reported on the 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. Pass-through entity identifying numbers are presented where available. For cost-reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period.
The Board does not have a federally approved negotiated indirect cost rate agreement and, therefore, is subject to the de minimis indirect cost rate under the Uniform Guidance. For awards received prior to October 1, 2024, the Organization applied a 10-percent de minimis indirect cost rate. For awards received on or after October 1, 2024, the Organization has elected to apply a 15-percent de minimis indirect cost rate.