Audit 323776

Title: NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Basis of presentation – The schedule of expenditures of federal awards (the schedule) is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses in WHFPT’s financial statements in conformity with generally accepted accounting principles. WHFPT has elected not to use the 10% de minimus rate for indirect costs and does not charge indirect costs to the award. In accordance with §200.516 of the Uniform Guidance, payments to subrecipients are reported in the schedule when distributed as agreed to through contracts with subrecipients. Annually, WHFPT reconciles actual performance provided by subrecipients to the estimated services stipulated in the subrecipient contracts. Underperformance by subrecipients is reported as Due from subrecipients; the Due from subrecipients is settled either by cash payment from the subrecipient or by subrecipient provision of services in the next contract cycle. WHFPT also may settle with overperformers who exceeded the estimated health services by agreeing to additional distributions to be made either from (1) funds collected from underperformers or (2) additional original grant funding available. Such amounts are reported as Due to subrecipients. Payments to overperformers that are disbursed from amounts received from underperformers are not included again as expenditures of federal awards as they were included at the time of initial disbursement. Because the schedule presents only a selected portion of the operations of WHFPT, it is not intended to and does not present the financial position, changes in net assets, or cash flows of WHFPT. De Minimis Rate Used: N Rate Explanation: The Auditee has elected not to use an indirect cost rate. Basis of presentation – The schedule of expenditures of federal awards (the schedule) is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses in WHFPT’s financial statements in conformity with generally accepted accounting principles. WHFPT has elected not to use the 10% de minimus rate for indirect costs and does not charge indirect costs to the award. In accordance with §200.516 of the Uniform Guidance, payments to subrecipients are reported in the schedule when distributed as agreed to through contracts with subrecipients. Annually, WHFPT reconciles actual performance provided by subrecipients to the estimated services stipulated in the subrecipient contracts. Underperformance by subrecipients is reported as Due from subrecipients; the Due from subrecipients is settled either by cash payment from the subrecipient or by subrecipient provision of services in the next contract cycle. WHFPT also may settle with overperformers who exceeded the estimated health services by agreeing to additional distributions to be made either from (1) funds collected from underperformers or (2) additional original grant funding available. Such amounts are reported as Due to subrecipients. Payments to overperformers that are disbursed from amounts received from underperformers are not included again as expenditures of federal awards as they were included at the time of initial disbursement. Because the schedule presents only a selected portion of the operations of WHFPT, it is not intended to and does not present the financial position, changes in net assets, or cash flows of WHFPT.