Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: 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. Negative amounts shown in the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Texoma Workforce Development Board has elected not to use the ten (10) percent de minimis rate for indirect costs.
The accompanying Schedule of Expenditures of Federal Awards includes the federal and state grant activity of the Texoma Workforce Development Board under programs of the federal and state government for the year ended September 30, 2022. The information in this schedule is 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 portion of the operations of Texoma Workforce Development Board, it is not intended to, and does not present the net position or changes in fund balances of Texoma Workforce Development Board.
Title: Note 3: Relationship to Federal Financial Reports
Accounting Policies: 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. Negative amounts shown in the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Texoma Workforce Development Board has elected not to use the ten (10) percent de minimis rate for indirect costs.
Amounts reported in the accompanying schedule may not agree with the amounts reported inthe related federal financial reports filed with the grantor agencies because of accruals made in the schedule which will be included in future reports filed with those agencies.
Title: Note 4: Contingent Liabilities
Accounting Policies: 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. Negative amounts shown in the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Texoma Workforce Development Board has elected not to use the ten (10) percent de minimis rate for indirect costs.
The Board participates in a number of state and federally assisted programs. These programs are subject to financial and compliance audits by the grantors or their representatives. The purpose of these audits is to ensure compliance with conditions relating to granting of funds and other reimbursement regulations. These programs have compliance requirements and should federal or state auditors discover areas of material noncompliance, those funds may be subject to refund if so, determined by administrative audit review.