Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in 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: N
Rate Explanation: WCCRC has elected
not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Western Catskills Community Revitalization Council, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with 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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the consolidated financial statements.
Title: NOTE 3 SUBRECIPIENTS
Accounting Policies: Expenditures reported in 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: N
Rate Explanation: WCCRC has elected
not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
There were no subrecipients.
Title: NOTE 4 GRAND GORGE HOUSING LP
Accounting Policies: Expenditures reported in 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: N
Rate Explanation: WCCRC has elected
not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Grand Gorge Housing LP has federal loans and interest subsidies under the U.S. Department of Agricultures – Rural Rental Housing Loans program, CFDA # 10.415. At June 30, 2021 the balance of its federal loans was $862,928 and its interest subsidy was $39,413. These amounts are not included on the Schedule of Expenditures of Federal Awards because Grand Gorge Housing, LP is a for-profit partnership and is not subject to the requirements of the Uniform Guidance