Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. No federal financial assistance has been provided to subrecipients. 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: Y
Rate Explanation: The Authority has elected to continue using the 10% indirect cost rate allowed under its federal program grant agreements.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of
Wyoming Community Development Authority (the “Authority”) under programs of the federal government for the year
ended June 30, 2024. The information on this Schedule is prepared in accordance with the 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). Because the Schedule presents only a selected portion of the operations of the
Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the
Authority.
Title: Note 4. Reconciliation of the Schedule of Expenditures of Federal Awards to Federal Program Expenses
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. No federal financial assistance has been provided to subrecipients. 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: Y
Rate Explanation: The Authority has elected to continue using the 10% indirect cost rate allowed under its federal program grant agreements.
See the Notes to the SEFA for chart/table.
Title: Note 5. Program Income
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. No federal financial assistance has been provided to subrecipients. 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: Y
Rate Explanation: The Authority has elected to continue using the 10% indirect cost rate allowed under its federal program grant agreements.
The Authority earns program income on its federal programs. Most of the program income comes from sales of
properties originally purchased or renovated with federal funds and from interest and repayment of principal on the loans
for those properties. Program income is reported on the Schedule of Expenditures of Federal Awards when the program
income has been expended for federal purposes.
Title: Note 6. Loans made with Federal Funds
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. No federal financial assistance has been provided to subrecipients. 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: Y
Rate Explanation: The Authority has elected to continue using the 10% indirect cost rate allowed under its federal program grant agreements.
See the Notes to the SEFA for chart/table.