Notes to SEFA
Title: Program Costs
Accounting Policies: Note 1: Basis of AccountingThe Schedule of Financial Assistance is prepared on the GAAP basis of accounting. Severalprograms are funded jointly by the localities and the Commonwealth of Virginia. Costs incurred forsuch programs are applied to Federal grants in accordance with the terms of the related Federalgrants with the remainder applied to funds provided by localities and the Commonwealth. Thecurrent year presents the balances of loan programs outstanding on the SEFA as of the first day ofthe year. Note 2: Major Programs The (*) to the right of CFDA number identifies the grant as a major federal program as defined by 2CFR part 200.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amounts shown as current year expenditures represent only the federal portion of the actualprogram costs. Actual program costs, including the Corporation's portion, may be more thanshown.