Title: 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: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal and state awards include the federal and state grant activity of the Tarrant County Workforce Development Board dba Workforce Solutions for Tarrant County 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 (the Uniform Guidance), and the State of Texas Single Audit Circular. Because the schedule presents only a portion of the operations of Tarrant County Workforce Development Board dba Workforce Solutions for Tarrant County, it is not intended to, and does not present the financial position, changes in net position or cash flows of Tarrant County Workforce Development Board dba Workforce Solutions for Tarrant County.
Title: SUBRECIPIENTS
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: The auditee did not use the de minimis cost rate.
A portion of the federal and state expenditures presented in these schedules was provided to subrecipients by the organization. That portion has been identified in a separate column on the Schedule of Expenditures of Federal and State Awards.
Title: 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: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedule may not agree with the amounts reported in the 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: 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: The auditee did not use the de minimis cost rate.
The organization 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. For a portion of the expenditures in the federal programs, the Board contracts with other entities to perform specific services set forth in the grant agreement. The Board disburses grant funds to the entities based on invoices and reports received from each contractor. These agencies are required to submit an annual independent audit report to Tarrant County Workforce Development Board dba Workforce Solutions for Tarrant County. The Board also performs financial monitoring on the contractors. If such audits or monitoring activities disclose expenditures not in accordance with terms of the local contract agreement, the Boards grantor agency could disallow the costs and require reimbursement from the Boards nonfederal funds. The Board generally has the right of recovery from the contractors. Based on prior experience, management believes that the Board will not incur significant losses from possible grant disallowance.
Title: INDIRECT COSTS
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: The auditee did not use the de minimis cost rate.
Tarrant County Workforce Development Board dba Workforce Solutions for Tarrant County has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance and the State of Texas Single Audit Circular.
Title: RECONCILIATION TO GRANT REVENUE
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: The auditee did not use the de minimis cost rate.
Total Grant Revenue 113,221,511(0155)HOME (39,307) (0402)Texas Live '21 (16,895) (0402)Texas Live '22 (25,447) (0620)CC Recoupments ( 6,018) Total Expenditures of Federal and State Awards 113,133,844Federal 106,908,963State 6,224,881Total expenditures of Federal and State Awards 113,133,844