Notes to SEFA
Title: Direct Charges and Indirect Cost Allocations
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of the WIB and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), Subpart F, Section 510(b).
De Minimis Rate Used: N
Rate Explanation: The WIB did not elect to use the 10% de minimis indirect cost rate as covered in 2 CFR Part 200 Section 414 "Indirect (F&A) Costs".
It is the Greater New Bedford Workforce Investment Board, Inc.’s policy to allocate indirect costs to various grants based on the approved indirect cost rate.
Expenditures are directly charged to benefitting grants whenever possible. Staff salaries and fringe are directly charged to funding sources based on the number of hours worked on each grant and cost category, as recorded on weekly timesheets. Pooled or shared costs are then allocated on a monthly basis to the various funding sources according to direct salary percentages for that period.