Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: MODIFIED CASH BASIS
De Minimis Rate Used: N
Rate Explanation: WVCAC HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMIS COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS INCLUDES THE FEDERAL GRANT ACTIVITY OF WASHITA VALLEY COMMUNITY ACTION COUNCIL (WVCAC), AND IS PRESENTED ON THE MODIFIED CASH BASIS OF ACCOUNTING. THIS INFORMATION 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 WVCAC, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET NET ASSETS OR CASH FLOWS OF WVCAC.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: MODIFIED CASH BASIS
De Minimis Rate Used: N
Rate Explanation: WVCAC HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMIS COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
EXPENDITURES REPORTED ON THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS ARE REPORTED ON THE MODIFIED CASH 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 REIMBURSMENT.
Title: CONTINGENT LIABILITIES
Accounting Policies: MODIFIED CASH BASIS
De Minimis Rate Used: N
Rate Explanation: WVCAC HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMIS COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
WVCAC PARTICIPATES IN A NUMBER OF FEDERAL ASSISTED PROGRAMS. THESE PROGRAMS ARE AUDITED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS AND THE UNIFORM GUIDANCE. AUDITS OF PRIOR YEARS HAVE NOT RESULTED IN ANY SIGNIFICANT DISALLOWED COSTS; HOWEVER, GRANTOR AGENCIES MAY PROVIDE FOR FURTHER EXPLANATIONS. BASED ON PRIOR EXPERIENCE, MANAGEMENT BELIEVES THAT FURTHER EXAMINATIONS WOULD NOT RESULT IN ANY SIGNIFICANT DISALLOWED COSTS.