Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of U.S. Wheat Associates, Inc. (“USW”) under programs of the federal government for the year ended June 30, 2023. The information in the 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 USW, it is not intended to and does not present the financial position, changes in net assets, or cash flows of USW.
De Minimis Rate Used: N
Rate Explanation: The auditee has elected not to use the 10 perent de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of U.S. Wheat Associates, Inc. (“USW”) under programs of the federal government for the year ended June 30, 2023. The information in the 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 USW, it is not intended to and does not present the financial position, changes in net assets, or cash flows of USW.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of U.S. Wheat Associates, Inc. (“USW”) under programs of the federal government for the year ended June 30, 2023. The information in the 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 USW, it is not intended to and does not present the financial position, changes in net assets, or cash flows of USW.
De Minimis Rate Used: N
Rate Explanation: The auditee has elected not to use the 10 perent de minimis indirect cost rate.
Expenditures reported in 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 expenses are not allowable or are limited as to reimbursement.
Title: NOTE C - INDIRECT COST RATE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of U.S. Wheat Associates, Inc. (“USW”) under programs of the federal government for the year ended June 30, 2023. The information in the 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 USW, it is not intended to and does not present the financial position, changes in net assets, or cash flows of USW.
De Minimis Rate Used: N
Rate Explanation: The auditee has elected not to use the 10 perent de minimis indirect cost rate.
USW has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.