Notes to SEFA
Title: NOTE 2 - Summary of Significant Accounting Polices
Accounting Policies: Note 1 - Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Northern Shenandoah Valley Regional Commission (the Commission) for the year ended June 30, 2022. The information in this Schedule is presented 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 selected portion of the operation of the Commission, it is not intended to and does not present the financial position, change in net position, or cash flows of the Commission. The Commission's fiscal year does not parallel the federal government's fiscal year. This should be considered when reconciling amounts reported on this schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.Of the expenditures presented in the Schedule, the Commission provided awards to subrecipients as follows:
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.
Title: NOTE 3 - Subrecipients
Accounting Policies: Note 1 - Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Northern Shenandoah Valley Regional Commission (the Commission) for the year ended June 30, 2022. The information in this Schedule is presented 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 selected portion of the operation of the Commission, it is not intended to and does not present the financial position, change in net position, or cash flows of the Commission. The Commission's fiscal year does not parallel the federal government's fiscal year. This should be considered when reconciling amounts reported on this schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.Of the expenditures presented in the Schedule, the Commission provided awards to subrecipients as follows:
Of the expenditures presented in the Schedule, the Commission provided awards to subrecipients as follows: Home Program 14.239 Of the expenditures presented in the Schedule, the Commission provided awards to subrecipients as follows: People Inc. of Virginia $493,782; Habitat for Humanity $100,000; Blue Ridge Housing Network $71,719; Faithworks, Inc. $46,468; AIDS Response Effort $20,851; Shenandoah Alliance $4,815
Title: NOTE 4 - Indirect Cost Rate
Accounting Policies: Note 1 - Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Northern Shenandoah Valley Regional Commission (the Commission) for the year ended June 30, 2022. The information in this Schedule is presented 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 selected portion of the operation of the Commission, it is not intended to and does not present the financial position, change in net position, or cash flows of the Commission. The Commission's fiscal year does not parallel the federal government's fiscal year. This should be considered when reconciling amounts reported on this schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.Of the expenditures presented in the Schedule, the Commission provided awards to subrecipients as follows:
The Commission has elected not to+A21 use the 10% de minimus indirect cost rate.