Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: No funds were identified as having been provided to subrecipients by the Corporation and accordingly, no funds identified in the Schedule of Expenditures of Federal Awards are attributable to subrecipient entities. There were no federal awards expended for noncash assistance or insurance. The Corporation has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Corporation has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant
activity of WesleyLife (the Corporation) and is presented on the accrual basis of accounting.
The information in this schedule is presented in accordance with the applicable 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 of expenditures of federal awards presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
Title: RECONCILIATION OF SEFA AND FINANCIAL STATEMENTS
Accounting Policies: No funds were identified as having been provided to subrecipients by the Corporation and accordingly, no funds identified in the Schedule of Expenditures of Federal Awards are attributable to subrecipient entities. There were no federal awards expended for noncash assistance or insurance. The Corporation has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Corporation has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
The consolidated financial statements reflect an outstanding loan balance from USDA of $21,454,289 and $21,786,969 for the years ended December 31, 2023 and 2022, respectively. The Schedule includes the beginning of the year outstanding loan balance of the Corporation’s USDA direct loan and advances made during 2023. There were no advances in the year ended December 31, 2023.