Audit 55014

Accounting Policies: Note 1 - Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Greensville, Virginia under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is 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). Because the Schedule presents only a selected portion of the operations of the County of Greensville, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County of Greensville, Virginia.Note 2 - Summary of Significant Accounting Policies(1) Expenditures on the Schedule are reported on the accrual basis of accounting. 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. 2) Pass-through entity identifying numbers are presented where available.Note 3 - Food DonationNonmonetary assistance is reported in the schedule at fair market value of the commodities received and distributed.Note 4 - De Minimis Cost RateThe County did not elect to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.Note 5 - Relationship to Financial StatementsFederal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows:Intergovernmental federal revenues per the basic financial statements:Primary government:General Fund$ 627,927 CSA Fund 115,636 Public Transportation Fund 93,920 Total primary government$ 837,483 Component Unit School Board:School Operating Fund$ 4,961,296 School Cafeteria Fund 1,547,303 Total component unit school board$ 6,508,599 Component Unit Department of Social Services$ 1,636,815 Total expenditures of federal awards per the Schedule of Expenditures of Federal Awards$ 8,982,897 Note 6 - Loan BalancesThe County has no loans or guarantees which are subject to reporting requirements for the current year. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.