Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: NO COST APPLIED
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of the Western Plains Youth and Family Services, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2023. The information in this SEFA 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 SEFA presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Organization.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: NO COST APPLIED
Expenditures reported on the SEFA 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 not allowable or are limited as to reimbursement. The Organization has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE C – COMMUNITY FACILITIES LOAN PROGRAM
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: NO COST APPLIED
During fiscal 2020, the Organization signed a mortgage note with the United States Department of Agriculture under the 10.766 Community Facilities Loans and Grants Cluster program to finance the remodel and update of their facility. The mortgage note for $1,000,000 was dated June 5, 2020 with an annual interest rate of 3.88% and the final payment due June 5, 2055. The current year balance is $942,94