Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: 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 limited to reimbursement or grant stipulations.
De Minimis Rate Used: N
Rate Explanation: UMOS uses its approved Federal Indirect Cost Rate. UMOS has an approved provisional indirect cost rate of 10% from our cognizant agency, the US Department of Health and Human Services (DHHS).
The accompanying Schedule of Expenditures of Federal, State and Local Awards (the Schedule) includes the award activity of UMOS under programs of the Federal, State and Local governments for the year ended June 30, 2023. 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 UMOS, it is not intended to and does not present the financial position, changes in net assets, or cash flows of UMOS.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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 limited to reimbursement or grant stipulations.
De Minimis Rate Used: N
Rate Explanation: UMOS uses its approved Federal Indirect Cost Rate. UMOS has an approved provisional indirect cost rate of 10% from our cognizant agency, the US Department of Health and Human Services (DHHS).
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 limited to reimbursement or grant stipulations.
Title: NOTE 3 – PARTICIPANT DIRECT PAYMENTS
Accounting Policies: 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 limited to reimbursement or grant stipulations.
De Minimis Rate Used: N
Rate Explanation: UMOS uses its approved Federal Indirect Cost Rate. UMOS has an approved provisional indirect cost rate of 10% from our cognizant agency, the US Department of Health and Human Services (DHHS).
There were no direct payments made to W2 participant workers compensation by Wisconsin Department of Children and Families on behalf of UMOS for the year ended June 30, 2023.
Title: NOTE 4 – INDIRECT COST RATE
Accounting Policies: 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 limited to reimbursement or grant stipulations.
De Minimis Rate Used: N
Rate Explanation: UMOS uses its approved Federal Indirect Cost Rate. UMOS has an approved provisional indirect cost rate of 10% from our cognizant agency, the US Department of Health and Human Services (DHHS).
UMOS uses its approved Federal Indirect Cost Rate. UMOS has an approved provisional indirect cost rate of 10% from our cognizant agency, the US Department of Health and Human Services (DHHS).
Title: NOTE 5 – FEDERAL LOANS
Accounting Policies: 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 limited to reimbursement or grant stipulations.
De Minimis Rate Used: N
Rate Explanation: UMOS uses its approved Federal Indirect Cost Rate. UMOS has an approved provisional indirect cost rate of 10% from our cognizant agency, the US Department of Health and Human Services (DHHS).
UMOS was approved by the USDA Rural Development to receive loans for its housing developments totaling $585,128. The amounts listed for these loans includes the proceeds used during the year and the outstanding loan balances from prior year. The current loan balances are also reported on UMOS’ Statement of Financial Position – Liability section.