Notes to SEFA
Accounting Policies: NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Madera County Workforce Investment Corporation (the Organization) 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 Organization, it is not intended to, and does not present, the financial position, changes in net position, or cash flows of Madera County Workforce Investment Corporation.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.Federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included in the schedule. Pass-through entity identifying numbers are presented where available.Relationship to financial reports Information included in the accompanying Schedule is in substantial agreement with the information reported in the related financial reports for major programs.Subrecipients The Organization does not pass through funds to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.