Audit 310024

Title: Note 1 – Basis of Accounting Accounting Policies: This Schedule is prepared on the same basis of accounting as the Council’s financial statements. The Whatcom Council of Governments uses single-entry, cash basis accounting. Revenues are recognized when cash is received, and expenditures are recognized when paid. De Minimis Rate Used: N Rate Explanation: The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount expended includes $220,502 claimed as an indirect cost recovery using an approved indirect cost rate of 55.90 percent. The amount expended also includes $259,791 claimed as fringe benefit cost recovery using an approved fringe benefit cost rate of 65.86 percent This Schedule is prepared on the same basis of accounting as the Council’s financial statements. The Whatcom Council of Governments uses single-entry, cash basis accounting. Revenues are recognized when cash is received, and expenditures are recognized when paid.

Title: Note 2 – Federal Indirect Cost Rate(s) Accounting Policies: This Schedule is prepared on the same basis of accounting as the Council’s financial statements. The Whatcom Council of Governments uses single-entry, cash basis accounting. Revenues are recognized when cash is received, and expenditures are recognized when paid. De Minimis Rate Used: N Rate Explanation: The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount expended includes $220,502 claimed as an indirect cost recovery using an approved indirect cost rate of 55.90 percent. The amount expended also includes $259,791 claimed as fringe benefit cost recovery using an approved fringe benefit cost rate of 65.86 percent The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount expended includes $220,502 claimed as an indirect cost recovery using an approved indirect cost rate of 55.90 percent. The amount expended also includes $259,791 claimed as fringe benefit cost recovery using an approved fringe benefit cost rate of 65.86 percent.

Title: Note 3 – Program Costs Accounting Policies: This Schedule is prepared on the same basis of accounting as the Council’s financial statements. The Whatcom Council of Governments uses single-entry, cash basis accounting. Revenues are recognized when cash is received, and expenditures are recognized when paid. De Minimis Rate Used: N Rate Explanation: The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount expended includes $220,502 claimed as an indirect cost recovery using an approved indirect cost rate of 55.90 percent. The amount expended also includes $259,791 claimed as fringe benefit cost recovery using an approved fringe benefit cost rate of 65.86 percent The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the Council’s portion, are more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations 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 to reimbursement.