Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of Wild Plum Center for Young Children and Families (the Center), under programs of the federal
government for the year ending August 31, 2023. The information in this schedule is presented as required by
Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles,
and Audit Requirements for Federal Awards. Because the schedule presents only a selected portion of the
operations of the Center, it is not intended to and does not present the financial position, changes in net
assets or cash flows of the Center.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Expenditures reported on the Schedule are reported on the modified cash basis of accounting. Such
expenditures are recognized following the cost principles contained found in Part 200 Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of
expenditures are not allowable or are limited as for reimbursements.
Title: SCHEDULE OF FEDERAL BUDGET VS. ACTUAL REVENUES AND EXPENSES
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The approved budget column is based on the last document provided by the grantor. The grantee is allowed to
make certain budget transfers within prescribed circumstances by written notification to the grantor. These
transfers are not reflected. The actual column is on a cash basis and ties out to the schedule of federal
expenditures of federal awards, not including in‐kind contributions.
Title: NON‐MONETARY ASSISTANCE (IN‐KIND CONTRIBUTIONS)
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Non‐monetary assistance is reported at fair market value at the time of receipt.