Title: Basis of Presentation
Accounting Policies: (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) Pass-through entity identifying numbers are presented where available
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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, 2022. the information in this schedule is presented in accordance with the requirements of Titel 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.
Title: Relationship to Financial Statements
Accounting Policies: (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) Pass-through entity identifying numbers are presented where available
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows: Intergovernmental federal revenues per basic financial statements: Primary Government: General Fund $978,054 Special Revenue Funds: Grants fund 475,447 Federal Asset Forfeiture Fund 12,841 County Project Fund 137,727 Total primary government $1,604,069 Component Unit Public Schools: School Operating Fund $1,697,084 School Cafeteria Fund 3,260,387 Total component unit public schools $4,957,471 Total federal expenditures per basic financial statements $6,561,540 Total federal expenditures per the Schedule of Expenditures of Federal Awards $6,561,540
Title: Outstanding Loan Balances
Accounting Policies: (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) Pass-through entity identifying numbers are presented where available
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
At June 30, 2022, the County had no outstanding loan balances requiring disclosure.