Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Workforce Development Corporation (the “Organization”) under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with therequirements 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
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 may not be allowable or may be limited as to reimbursement.
The Organization has elected not to use the ten percent (10%) de minimis indirect cost rate allowed under the Uniform Guidance. Instead, the Organization allocates indirect costs based on actual allowable expenditures in accordance with its approved cost allocation methodology.
Federal award expenditures are reported in the statement of functional expenses as program expenses. In certain cases, expenditures reported in the basic financial statements may differ from expenditures reported in the Schedule due to timing differences, capitalization policies, matching contributions, or in-kind contributions.
The Organization did not pass through federal awards to subrecipients during the year ended June 30, 2025.