Title: NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accounting policies and presentation of the Single Audit Report of the North Florida Workforce Development Board, Inc. D/B/A CareerSource North Florida have been designed to conform to generally accepted accounting principles as applicable to governmental units, including the reporting
and compliance requirements described in the OMB Compliance Supplement, Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Reporting Entity
The reporting entity consists of North Florida Workforce Development Board, Inc. D/B/A CareerSource North Florida, the primary government. Management has determined that there are no component units.
A. Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus. The modified accrual basis of accounting is followed in the Schedule of Expenditures of Federal Awards. Under the modified accrual basis, revenues are recognized when they become measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Organization considers revenues to be available if they are collected within 60 days after the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under
accrual accounting.
De Minimis Rate Used: N
Rate Explanation: did not use minimis cost rate
The accounting policies and presentation of the Single Audit Report of the North Florida Workforce Development Board, Inc. D/B/A CareerSource North Florida have been designed to conform to generally accepted accounting principles as applicable to governmental units, including the reporting
and compliance requirements described in the OMB Compliance Supplement, Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Reporting Entity
The reporting entity consists of North Florida Workforce Development Board, Inc. D/B/A CareerSource North Florida, the primary government. Management has determined that there are no component units.
A. Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus. The modified accrual basis of accounting is followed in the Schedule of Expenditures of Federal Awards. Under the modified accrual basis, revenues are recognized when they become measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Organization considers revenues to be available if they are collected within 60 days after the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under
accrual accounting..
Title: NOTE 2. INDIRECT COST RATE
Accounting Policies: The accounting policies and presentation of the Single Audit Report of the North Florida Workforce Development Board, Inc. D/B/A CareerSource North Florida have been designed to conform to generally accepted accounting principles as applicable to governmental units, including the reporting
and compliance requirements described in the OMB Compliance Supplement, Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Reporting Entity
The reporting entity consists of North Florida Workforce Development Board, Inc. D/B/A CareerSource North Florida, the primary government. Management has determined that there are no component units.
A. Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus. The modified accrual basis of accounting is followed in the Schedule of Expenditures of Federal Awards. Under the modified accrual basis, revenues are recognized when they become measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Organization considers revenues to be available if they are collected within 60 days after the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under
accrual accounting.
De Minimis Rate Used: N
Rate Explanation: did not use minimis cost rate
North Florida Workforce Development Board, Inc. D/B/A CareerSource North Florida, did not elect to use the 10 percent de minimis indirect cost rate.
Title: NOTE 3. SUBRECIPIENT
Accounting Policies: The accounting policies and presentation of the Single Audit Report of the North Florida Workforce Development Board, Inc. D/B/A CareerSource North Florida have been designed to conform to generally accepted accounting principles as applicable to governmental units, including the reporting
and compliance requirements described in the OMB Compliance Supplement, Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Reporting Entity
The reporting entity consists of North Florida Workforce Development Board, Inc. D/B/A CareerSource North Florida, the primary government. Management has determined that there are no component units.
A. Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus. The modified accrual basis of accounting is followed in the Schedule of Expenditures of Federal Awards. Under the modified accrual basis, revenues are recognized when they become measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Organization considers revenues to be available if they are collected within 60 days after the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under
accrual accounting.
De Minimis Rate Used: N
Rate Explanation: did not use minimis cost rate
NOTE 3. SUBRECIPIENT
The Organization provided federal awards to a subrecipient as follows during the year ended June 30, 2023. Pro gram T itle ALN
WIOA Adult 17.258 $ 8 ,000
WIOA Youth 17.259 4,000
WIOA Dislocated Worker 17.278 4,000
$ 16,000
Title: NOTE 4. ALLOCATION OF WIOA FUNDING
Accounting Policies: The accounting policies and presentation of the Single Audit Report of the North Florida Workforce Development Board, Inc. D/B/A CareerSource North Florida have been designed to conform to generally accepted accounting principles as applicable to governmental units, including the reporting
and compliance requirements described in the OMB Compliance Supplement, Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Reporting Entity
The reporting entity consists of North Florida Workforce Development Board, Inc. D/B/A CareerSource North Florida, the primary government. Management has determined that there are no component units.
A. Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus. The modified accrual basis of accounting is followed in the Schedule of Expenditures of Federal Awards. Under the modified accrual basis, revenues are recognized when they become measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Organization considers revenues to be available if they are collected within 60 days after the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under
accrual accounting.
De Minimis Rate Used: N
Rate Explanation: did not use minimis cost rate
Funds received from DEO grant under Contract number WIS21 was allocated to Federal ALN numbers
as follows:
Program Title ALN WIS21
WIOA Adult 17.258 $ 122,298
WIOA Youth 17.259 118,592
WIOA Dislocated Worker 17.278 129,710
$ 370,600