Notes to SEFA
Title: Note 1 – Purpose of Schedule
Accounting Policies: SEE NOTES DETAILS. WCLT USED GAAP BASIS ACCOUNTING TO PREPARE FINANCIAL STATEMENTS AND SEFA DERIVED FROM THOSE RECORDS, ADHERING TO UNIFORM GUIDANCE REQUIREMENTS.
De Minimis Rate Used: N
Rate Explanation: WCLT DID NOT USE THE DE MINIMIS COST RATE.
The accompanying schedule of expenditures of federal awards (the Schedule) is a supplementary schedule to Whidbey Camano Land Trust’s (the Trust’s) financial statements and is presented for purposes of additional analysis. Because the Schedule presents only a selected portion of the activities of the Trust, it does not present the financial position, changes in financial position, or the revenues and expenditures of the Trust.
Title: Note 2 – Reporting Entity
Accounting Policies: SEE NOTES DETAILS. WCLT USED GAAP BASIS ACCOUNTING TO PREPARE FINANCIAL STATEMENTS AND SEFA DERIVED FROM THOSE RECORDS, ADHERING TO UNIFORM GUIDANCE REQUIREMENTS.
De Minimis Rate Used: N
Rate Explanation: WCLT DID NOT USE THE DE MINIMIS COST RATE.
The reporting entity is described in Note A to the Trust’s financial statements. The Schedule includes all federal programs administered by the Trust for the year ended December 31, 2023.
Title: Note 3 – Basis of Accounting
Accounting Policies: SEE NOTES DETAILS. WCLT USED GAAP BASIS ACCOUNTING TO PREPARE FINANCIAL STATEMENTS AND SEFA DERIVED FROM THOSE RECORDS, ADHERING TO UNIFORM GUIDANCE REQUIREMENTS.
De Minimis Rate Used: N
Rate Explanation: WCLT DID NOT USE THE DE MINIMIS COST RATE.
This schedule is prepared on the same basis of accounting as the Trust’s financial statements. The Trust uses the accrual basis of accounting for financial reporting purposes.
Title: Note 4 – De-Minimis Cost Rate
Accounting Policies: SEE NOTES DETAILS. WCLT USED GAAP BASIS ACCOUNTING TO PREPARE FINANCIAL STATEMENTS AND SEFA DERIVED FROM THOSE RECORDS, ADHERING TO UNIFORM GUIDANCE REQUIREMENTS.
De Minimis Rate Used: N
Rate Explanation: WCLT DID NOT USE THE DE MINIMIS COST RATE.
The Trust did not use the 10% de-minimis cost rate.
Title: Note 5 – Basis of Presentation
Accounting Policies: SEE NOTES DETAILS. WCLT USED GAAP BASIS ACCOUNTING TO PREPARE FINANCIAL STATEMENTS AND SEFA DERIVED FROM THOSE RECORDS, ADHERING TO UNIFORM GUIDANCE REQUIREMENTS.
De Minimis Rate Used: N
Rate Explanation: WCLT DID NOT USE THE DE MINIMIS COST RATE.
The information in the Schedule is presented in accordance with Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards 2 CFR 200 (Uniform Guidance).