Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal and state awards (the Schedule)includes the federal and state award activity of Northwest Wisconsin Concentrated Employment Program, Inc. under programs of the federal government and state agencies for the year ended June 30, 2021. The information in this Schedule 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), and the State Single Audit Guidelines. Because the Schedule presents only a selected portion of the operations of Northwest Wisconsin Concentrated Employment Program, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Northwest Wisconsin Concentrated Employment Program, Inc. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported on the Schedule 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.
De Minimis Rate Used: Y
Rate Explanation: NOTE 3INDIRECT COST RATE - Northwest Wisconsin Concentrated Employment Program, Inc. has elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.