Notes to SEFA
Accounting Policies: 1. Basis of Presentation: The accompanying schedule of expenditures of federal awards included the federal grant activity of First Coast Workforce Development, Inc. It was presented on the modified accrual basis of accounting. The information in the schedule was 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). 2. Summary of Significant Accounting Policies: Expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.