Audit 322867

Title: 1. Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation The accompanying schedule of expenditures of federal awards (SEFA) presents the activity of all federal award programs administered by Westminster Economic Development Initiative, Inc. (WEDI) an entity as defined in Note 1 to WEDI’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other entities, are included on the SEFA. Basis of Accounting WEDI uses the accrual basis of accounting for federal programs, consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled to WEDI’s financial reporting system. Indirect Costs WEDI has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Rather, WEDI applies an indirect cost rate as permitted by the grant agreements. De Minimis Rate Used: N Rate Explanation: Indirect Costs WEDI has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Rather, WEDI applies an indirect cost rate as permitted by the grant agreements. Basis of Presentation The accompanying schedule of expenditures of federal awards (SEFA) presents the activity of all federal award programs administered by Westminster Economic Development Initiative, Inc. (WEDI) an entity as defined in Note 1 to WEDI’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other entities, are included on the SEFA. Basis of Accounting WEDI uses the accrual basis of accounting for federal programs, consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled to WEDI’s financial reporting system. Indirect Costs WEDI has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Rather, WEDI applies an indirect cost rate as permitted by the grant agreements.