Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the County of Isle of Wight, Virginia under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the reporting 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 County of Isle of Wight, Virginia, it is not intended to and does not present the financial position, changes in net position or cash flows of the County of isle of Wight, Virginia.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
The County has no loans or loan guarantees which are subject to reporting requirements for the current year.
No awards were passed through to subrecipients.
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows: Intergovernmental federal revenues per the basic financial statements: Primary government: General Fund $ 318,263 Capital Projects Fund 877,498 Department of Social Services Fund 2,198,694 Children's Services Fund 2 7,551 Grants Fund 441,330 Total primary government $ 3,863,336 Component Unit School Board: School Operating Fund $ 175,669 School Cafeteria Fund 2,101,240 School Grants Fund 3,126,684 Total Component Unit School Board $ 5,403,593 Total federal expenditures per basic financial statements $ 9,266,929 Amounts required to reconcile federal revenues to expenditures: Less: QSCB federal interest subsidy $ ( 318,263) Total federal expenditures per the Schedule of Expenditures of Federal Awards $ 8,948,666