Notes to SEFA
Title: Basis of Presentation:
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed underUniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the Federal award activity ofPolk County Workforce Development Board, Inc. (the Organization) and is presented on the accrualbasis of accounting. The information in this schedule is presented in accordance with the requirements ofTitle 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amountspresented in this schedule may differ from amounts presented in, or used in the preparation of, thefinancial statements.
Title: Subrecipients:
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed underUniform Guidance.
For the year ended June 30, 2022, the Organization passed no funds through to subrecipients.