Notes to SEFA
Accounting Policies: 1.BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of Finger Lakes Workforce Investment Board, Inc. (the Organization) for the year ended June 30, 2022 and has been recorded in conformity with accounting principles generally accepted in the United States of America. The schedule includes expenditures of federal programs received directly or indirectly from federal agencies, as well as federal assistance passed through other organizations. The information in the Schedule is presented in accordance with the requirements of Title 2. U.S. Code of Federal Requirements 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.2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized fulfilling 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: N
Rate Explanation: The auditee did not use the de minimis cost rate.