Notes to SEFA
Accounting Policies: 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity ofWilliamson-Burnet County Opportunities, Inc. and is presented on the accrual basis of accountingand 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). Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of the financial statements.For purposes of this schedule, federal awards include both federal financial assistance receiveddirectly from a federal agency, as well as federal funds received indirectly by WBCO from a nonfederalagency or other organizations. Only the portion of program expenditures reimbursable withsuch federal funds is reported in the accompanying schedule. Program expenditures in excess ofthe maximum federal reimbursement authorized or the portion of program expenditures that werefunded with state, local or other non-federal funds are excluded from the accompanying schedule.Williamson-Burnet County Opportunities has not elected to use the 10 percent de minimis indirectcost rate as allowed under the Uniform Guidance.Because the Schedule presents only a selected portion of the operations of Williamson-BurnetCounty Opportunities, Inc., it is not intended to and does not present the financial position, changesin net assets, or cash flows of Williamson-Burnet County Opportunities, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.