Notes to SEFA
Title: Oversight Agency
Accounting Policies: Expenditures reported on the schedules are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB 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 and are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Federal oversight agency for Lakeshore CAP, Inc. of Wisconsin is the U.S. Department of Housing and Urban Development.
Title: Nonmonetary Assistance
Accounting Policies: Expenditures reported on the schedules are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB 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 and are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Nonmonetary assistance is reported in the schedule of federal and state awards at the fair market value of the commodities received and used.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedules are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB 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 and are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying “Schedule of Federal and State Financial Assistance” includes the federal and state grant activity of Lakeshore CAP, Inc. of Wisconsin, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the U.S. Office of Management and Budget (OMB) Compliance Supplement, and the State Single Audit Guidelines, issued by the State of Wisconsin. Supplemental schedules are also presented by Lakeshore CAP, Inc. of Wisconsin in regard to federal, state and local financial assistance programs administered by the Organization. Additional information on the Organization’s unrestricted activity is also presented in the schedules.