Notes to SEFA
Accounting Policies: Note 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Northwest Tennessee Workforce Board, Inc. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the basic financial statements.Note 2 Basis of AccountingExpenditures reported in 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.
De Minimis Rate Used: Y
Rate Explanation: Note 3 Indirect Cost RateNorthwest Tennessee Workforce Board, Inc. uses the 10% de minimus indirect cost rate as allowed under the Uniform Guidance for direct funding grants. Indirect costs, for pass-through grants, are set by the grant contract with the State of Tennessee.