Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the activities in all the Federal programs of WMF and is presented 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 Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of WMF, it is not intended to and does not present the financial position, changes in net assets or cash flows of WMF.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the activities in all the Federal programs of WMF and is presented 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 Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of WMF, it is not intended to and does not present the financial position, changes in net assets or cash flows of WMF.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the activities in all the Federal programs of WMF and is presented 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 Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of WMF, it is not intended to and does not present the financial position, changes in net assets or cash flows of WMF.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
WMF has elected to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.