Notes to SEFA
Title: NOTE B - Summary of Significant Accounting Policies
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: Both
Rate Explanation: Wilderness Education Project, has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the year ended December 31, 2023, unless restricted by specific agreements. For the year ended December 31, 2023, WEP’s U.S. Department of Education grants (Full-Service Community Schools and AHC National Activities) restricted its indirect cost rate to 8%.
Expenditures reported on the Schedule of Expenditures of Federal Awards 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. Wilderness Education Project, has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the year ended December 31, 2023, unless restricted by specific agreements. For the year ended December 31, 2023, WEP’s U.S. Department of Education grants (Full-Service Community Schools and AHC National Activities) restricted its indirect cost rate to 8%.