Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal programs of WESST reporting entity as described in Note 1 to the financial statements. All federal awards received from federal agencies are included on the schedule. The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting, which is described in Note 1 to WESST’s financial statements.
De Minimis Rate Used: N
Rate Explanation: WESST did not use the de minimis cost rate. The de minimis cost rate is not consistently applied to all grants, per grant requirements
The accompanying schedule of expenditures of federal awards presents the activity of all federal programs of WESST reporting entity as described in Note 1 to the financial statements. All federal awards received from federal agencies are included on the schedule.
Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal programs of WESST reporting entity as described in Note 1 to the financial statements. All federal awards received from federal agencies are included on the schedule. The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting, which is described in Note 1 to WESST’s financial statements.
De Minimis Rate Used: N
Rate Explanation: WESST did not use the de minimis cost rate. The de minimis cost rate is not consistently applied to all grants, per grant requirements
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting, which is described in Note 1 to WESST’s financial statements.
Title: De-Minimis
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal programs of WESST reporting entity as described in Note 1 to the financial statements. All federal awards received from federal agencies are included on the schedule. The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting, which is described in Note 1 to WESST’s financial statements.
De Minimis Rate Used: N
Rate Explanation: WESST did not use the de minimis cost rate. The de minimis cost rate is not consistently applied to all grants, per grant requirements
WESST has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance. WESST’s administrative costs are included in the applicable grants budget.
Title: Federal Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal programs of WESST reporting entity as described in Note 1 to the financial statements. All federal awards received from federal agencies are included on the schedule. The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting, which is described in Note 1 to WESST’s financial statements.
De Minimis Rate Used: N
Rate Explanation: WESST did not use the de minimis cost rate. The de minimis cost rate is not consistently applied to all grants, per grant requirements
The federal loan programs listed below are administered directly by WESST and balances and transactions relating to these programs are included in WESST’s financial statements. In accordance with the Uniform Guidance, §200.502 Basis for determining Federal awards expended, since the federal government is at risk for loans and loan guarantees awarded until the debt is repaid, the amount to be presented as expenditures of federal awards for loans and loan guarantees awarded, including those awarded and expended in prior years that have continuing compliance requirements, is: 1) Value of new loans or loan guarantees made or received during the audit period; plus 2) Beginning of the audit period balance of loans and loan guarantees from previous years for which the federal government imposes continuing compliance requirements; plus 3) Any interest subsidy, cash, or administrative cost allowance received. Accordingly, WESST has reported loans and loan guarantees awarded in accordance with the aforementioned criteria. Amounts presented as expenditures of federal awards for loan and loan guarantee programs by federal AL number are as follows: AL# 59000, Value of new loans made $500,000, Loan balance, beginning of the year, Expenditures of federal awards presented for loan and loan guarantee programs $1,070,220, Balance of loans and loan guarantees at December 31, 2023 $918,091